Passing on a subtle message to the oil cartel OPEC (Organization of the Petroleum Exporting Countries), Prime Minister Narendra Modi on Wednesday said that practice of artificially distorting oil prices is self-defeating in nature.
Just days after it was reported that Saudi Arabia and Russia were looking at stretching a short-term pact to restrict oil supplies with a view to check rising oil prices, Prime Minister Narendra Modi on Wednesday passed on a subtle message to the oil cartel OPEC against the practice of artificially distorting oil prices. He said such en efforts are self-defeating in nature. Narendra Modi also said that responsible pricing is key in today’s world as efforts should be made to provide affordable energy to all. “Efforts at artificially distorting prices are self-defeating, as history has shown us. They also cause undue hardships,particularly to those at the bottom of the pyramid in developing and least developed countries,” Narendra Modi said.
Modi was speaking at the inaugural session of 16th International Energy Forum (IEF) Ministerial meeting in Delhi on Wednesday. Modi said that such distortion in oil prices causes hardships to the importing countries. Ministers from Organization of the Petroleum Exporting Countries (OPEC), including Saudi Arabia, Iran and Qatar were in audience at that time.
Modi also pitched for more transparent and flexible market for the oil and gas sectors. India imports 80 percent of its oil needs and is the third largest oil consumer in the entire world.
He also said that it’s in the interest of both producers and consumers that economies keep growing steadily to guarantee growing energy market.