PM says there is enough production but unique marketing features in oil sector pushing prices up


PM says there is enough production but unique marketing features in oil sector pushing prices up

Prime Minister Narendra Modi has expressed his opinion in the meeting with CEOs and experts from oil and gas sector from India and abroad that oil market is producer driven and both the quantity and prices are determined by the oil producing countries with a unique feature. He was taking stock of the situation of international oil pricing in view of skyrocketing oil prices in India.

The government said that during the interaction with the PM global CEOs and experts appreciated steps taken by the government of India over the last four years, for ease of doing business, and specifically in the energy sector. Experts have made a special mention of India’s competitive ranking from the upstream investment point of view which has gone up from 56 to 44.

Subjects such as expansion of oil and gas infrastructure in India; enhancing exploration and production; potential in solar energy and bio-fuels; and Indian government’s holistic approach to the energy sector has been discussed. They appreciated this kind of initiative of the government, which brings various stakeholders together on policy matters. Read More

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