INSUBCONTINENT EXCLUSIVE:
cartel OPEC to not undertake deeper crude oil production cuts as it renewed its pitch for reasonable pricing of oil and stability in
commercial terms for crude oil imports including reduction in official selling price, extension of credit period from existing 30 days to 90
present oil availability scenario," he told reporters here
oil cartel, he said, will meet in December and hoped it would not announce new cuts in production
"We hope that in the current geopolitical situation, OPEC does not exercise greater production cuts
We sincerely believe that crude prices should be left to market forces of demand and supply
We have been consistently advocating maintaining an optimal balance between the producers and consumers for responsible pricing, which
energy consumer behind the US and China, is now being heard and OPEC Secretary-General has been taking its views to the meetings of the
to push up prices - something that a slowing economy cannot afford
He said OPEC members such as Abu Dhabi have been very supportive of making up any production shortfall in the aftermath of attacks on Saudi
counter any eventuality of a sudden supply shortage
The minister said he is encouraging Indian firms to look for investment opportunities in producing assets
to the India-OPEC Institutional Dialogue and New Delhi looks forward for the fourth round at mutually convenient dates.Earlier speaking at
the India Energy Forum of CERAWeek, Barkindo said India's enthusiasm for producer and consumer dialogue has contributed enormously to
economic and oil demand growth
"Our latest figures for India show that oil demand increased in August by 0.12 million barrels per day (mb/d) for the second month running
with a total consumption of 4.61 mb/d
The country's oil demand growth in 2019 is estimated at 0.14 mb/d year-on-year, accounting for 15 per cent of global oil demand
account for oil demand growth of 5.8 mb/d, which represents an astonishing 40 per cent of the overall increase
"India is projected to see the largest additional oil demand and the fastest growth (3.7 per cent per annum) in the period to 2040," he
ensure a stable supply to the global market as it worked to restore its production capacity
Its exemplary handling of the situation very quickly stabilized markets and allayed concerns about supply disruptions," he said
"Additionally, the oil industry is in a much stronger position today to deliver a sustainable energy supply than it was just three years
for the opportunity to facilitate dialogue with consumers; promote a better understanding of market fundamentals; support energy
Throughout the 'Declaration' process we've been diligent in listening to the views of India and other oil-consuming nations
The 'Charter' provides a further means to engage in a constructive and consultative process," he said.Get Breaking news, live coverage, and
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