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PM hopes OPEC would take steps to cool oil prices

PM Manmohan Singh expressed concern over the rising global oil prices and hopes the oil cartel OPEC would take steps to cool prices.

business Updated: Jun 23, 2008 21:18 IST

Prime Minister Manmohan Singh on Monday expressed concern over the rising global oil prices and hoped the oil cartel OPEC would take steps to cool prices.

Discussing the general global economic situation during his meeting with world's largest IT company IBM Chairman Samuel Palmisano on Monday, Singh said there is a need for global consultations between major economies to deal with the oil crisis, PM's Press Advisor Sanjaya Baru said.

Crude oil prices have doubled during past one year to touch 140 dollar a barrel. The PM expressed hope that the Orgaisation of Petroleum Exporting Countries (OPEC) would ensure that oil prices come down because developing countries like India are hurt by the rising prices.

The Prime Minister expressed concern over the global energy prices and their impact on the global economic growth, said Baru.

Rising oil prices have fuelled inflation to 13-year high of 11.05 per cent and have threatened to slow economic growth.

Singh and Palmisano also discussed India's growing importance on IBM's overall strategy.

They spoke about IBM's plan for India. Singh said IBM has played an important role in the growth of the knowledge economy of the country.

India has the largest number of IBM employees based outside the US, with over 23,000 employees working here. It's also a fast-growing market for the company. IBM has a range of facilities in India, including a research and development centre in Delhi.

The company opened an infrastructure services centre in Bangalore which offers a variety of services, including on-demand computing and data-centre services to IBM's customers around the world.