India urges OPEC to act on oil spike

India,the world’s fourth largest oil consumer,on Tuesday urged OPEC to act to calm oil prices that have surged above $100 a barrel,spurred by unrest in the Middle East.

Minister of Petroleum and Natural Gas Jaipal Reddy also reported progress in a long-running disagreement with Iran over how it can pay for crude imports. “I think the current situation in oil prices is not because of any gap between supply and demand,” the minister said.

“It’s caused by political factors,unrest in the Middle East. I think OPEC should react to address the fears of consumers.” he added. “They must do something. They must raise output to moderate the rise of oil price.”