OPEC-plus should factor in consumer sentiments: Hardeep Singh Puri

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October 21, 2021 5:15 AM

He added that “we are all in this together since there is a direct correlation between economic activity and oil price” and slowing economic activity will also lower demand for oil and gas. The minister was speaking at the ‘India Energy Forum’ by CERAWeek.

Due to the rise in global crude oil rates, the value of the import was $42.2 billion, 137% higher than the same period in 2020.Due to the rise in global crude oil rates, the value of the import was $42.2 billion, 137% higher than the same period in 2020.

With the hope of bringing down global crude prices, India reiterated its request to oil producing countries to increase their output. The price of Indian basket of crude is currently at around $82/barrel, up from $69/barrel in mid-August, supported by global demand recovery and limited production from major oil exporting nations.

“OPEC plus should factor in sentiments of energy consumers,” Union minister of petroleum and natural gas HS Puri said on Wednesday. He added that “we are all in this together since there is a direct correlation between economic activity and oil price” and slowing economic activity will also lower demand for oil and gas. The minister was speaking at the ‘India Energy Forum’ by CERAWeek.

On Wednesday, Prime Minister Narendra Modi interacted with the heads of major global oil companies, including Rosneft’s Igor Sechin, Saudi Aramco’s Amin Nasser, BP’s Bernard Looney, RIL chairman Mukesh Ambani, and Vedanta chairman Anil Agarwal.

The country’s state-run national oil companies are actively looking for international players to ramp up domestic oil and gas production to reduce the dependency on imports.

Crude oil import by India in April-August was 83.8 million tonne, recording an annual rise of 13.2%. Due to the rise in global crude oil rates, the value of the import was $42.2 billion, 137% higher than the same period in 2020.

Speaking at a separate session at the India Energy Forum, petroleum ministry secretary Tarun Kapoor stated that current high natural gas prices are pushing the country to rethink if it can rely on gas for energy transition. Participants in Wednesday’s event included OPEC secretary general Mohammad Sanusi Barkindo, Jennifer M Granholm, secretary of energy of US department of energy, UAE’s minister of industry and advanced technology Sultan Ahmed Al Jaber and Saudi Arabia’s energy minister Prince Abdulaziz bin Salman Al-Saud.

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