At the recently held energy dialogue of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Oil minister Dharmendra Pradhan emphasised that countries such as India should not bear the brunt for subsidies provided to others and urged for a more “responsible pricing”, that would ease supply of energy to the common man.
Opec, the grouping of oil exporting countries, has agreed to India’s proposal for setting up a joint working group to asses future scenarios for the oil industry as energy mix in major economies undergo rapid changes due to expansion in renewable sources, oil minister Dharmendra Pradhan told TOI on Thursday.
The OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets
Oil weakened after OPEC and its allies agreed to extend output cuts for another nine months, disappointing investors who had hoped for more.
Opec decided on Thursday to extend cuts in oil output by nine months to March 2018, Opec delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
It’s all but decided that the Organization of Petroleum Exporting Countries and Russia will extend their so-called “production cuts” at Thursday’s meeting in Vienna.
Indian Oil Corp expects no impact of the extension of OPEC’s output cuts till March 2018 on its imports, chairman B Ashok said on Thursday.
Crude oil after falling to Rs 2,839 level on MCX has bounced back around Rs 3,300 level. It is trading in its comfort zone of $47-$53.
OPEC production cuts and the prospect of more expensive oil are pushing India to consider U.S. and Canadian suppliers, as well as encouraging it to turn to renewable energy, the country’s petroleum and natural gas minister said on Monday.
Union minister of state for petroleum Dharmendra Pradhan on Monday emphasised on ‘Asian Dividend rather than paying Asian Premium’ And Stressed on work towards “Responsible Pricing” by OPEC; important for India for socio-economic and developmental reasons