India’s oil minister Dharmendra Pradhan has called for a global regime of responsible crude oil prices in line with the interests of major consuming nations like India.
Speaking at the curtain raiser of the upcoming 16th International Energy Forum(IEF) event here, the minister reiterated the country’s demand for responsible crude rates and expressed confidence in IEF’s ability to create a new roadmap to move towards such a pricing mechanism.
“We all are concerned about responsible price mechanism. We do not expect low oil prices and understand the various difficulties of low prices in the long haul – decrease in exploration and production activities, low capital expenditure environment,” Pradhan said. “However, we also have to take care of the interest of the consumers especially in an aspiring country like India. We need a balance. We have to have affordable energy price,” he added.
The 16th ministerial meeting of the IEF, which is being held in India after 22 years, will be inaugurated by Prime Minister Narendra Modi. Read More…