Petroleum minister Dharmendra Pradhan reiterated that the country should be provided crude oil at a “responsible price” as it is among then few nations whose demand is expected to rise in the coming decade. “The growth in energy consumption in 2016 in India has been 5.4% and the total primary energy consumption was 723.9 million tonne of energy equivalent. As per estimates, India is poised to account for one fourth of the incremental global energy demand between 2013 and 2040,” Pradhan said in Istanbul where he led an Indian delegation to the the World Petroleum Congress (WPC).
WPC is the world’s premier forum and is referred to as the Olympics of the oil and gas industry globally.
Pradhan in May, while co-chairing the 2nd India-Organization of the Petroleum Exporting Countries (OPEC) Institutional Dialogue at the OPEC headquarters in Vienna, had emphasized that India has remained a regular customer of OPEC and had urged there should be an Asian dividend rather than Asian premium for countries in Asia.
India is one of the markets with growing demand for energy and Pradhan pointed that producers should take note of changes happening in these geographies and should be given security of demand at a time when there is oversupply in the global market. According to the US Energy Information Administration, the country’s production was 9.34 million barrels per day last week, the biggest rise since January.
Opec producers are under pressure as global supply and inventory levels have remained high.
Pradhan also held bilateral talks with Berat Albayrak, the energy minister of Turkey, to discuss cooperation including in the renewable energy sector. The two countries have agreed to work together on few ‘concrete projects’ both in the upstream and downstream sectors. Inviting participation in the recently launched Hydrocarbon Exploration and Licensing Policy, Pradhan said investors will be given a “red carpet welcome”.