By Our Correspondent
NEW DELHI/BHUBANESWAR: Union PNG-Steel Minister Dharmendra Pradhan along with Secretary General OPEC Dr. Mohammad Barkindo co-chaired the 4th High-level meeting of the India-OPEC Energy Dialogue, also joined by Secretary MoPNG and captains of the Indian oil & gas industry.Discussions were held on the rapidly changing global energy landscape, overcoming energy challenges, global oil price mechanisms, measures being taken by OPEC and its partners for balancing oil markets, and on ensuring oil supply security for India.
Dharmendra Pradhan also urged OPEC about the urgency and need to address the historical aberration in crude pricing for Asia by ending Asian Premium recognizing the shifting of demand for crude oil to Asia, which is further accelerated by Covid-19 pandemic. Pradhan further called for #OPEC to take a deep look at the rapidly changing global oil & gas sector due to COVID-19 and revisit the ongoing exchanges so that India and #OPEC can jointly address the energy challenges particularly in the oil sector during the ongoing and Post-Covid scenario.
Pradhan reiterated PM Narendra Modi ’s appeal of not letting a purely economic agenda define globalisation and also stressed on the need for a consumption-led energy demand recovery, oil price affordability for long-term sustainability of crude oil markets and enhancing energy access.
Dharmendra Pradhan appreciated #OPEC and it’s key producer members like Saudi Arabia and UAE for standing besides India during the turbulent #Covid19 times by supplying additional quantities of LPG to support India’s domestic requirement.OPEC has been a valuable partner in India’s energy security. Pradhan also highlighted importance India attaches to the India-OPEC Institutional Dialogue.
India brings to OPEC a partnership that comes with a long-term advantage of demand, a market that is clearly growing faster than any other energy market. Pradhan expressed confidence in India and OPEC continuing to work closely for mutually shared prosperity.
H.E. SG Barkindo appreciated the visionary leadership of PM Narendra Modi, the high bar set by India on addressing issues of climate change and also conveyed OPEC’s keenness to become a partner in India’s energy transition.
SG Barkindo also appreciated the resilience of India’s oil and gas sector and India’s energy agenda driven by the 7 key energy drivers enunciated by PM Narendra Modi during the #IndiaEnergyForum. He also assured to continue with OPEC’s efforts in balancing supply side factors.Pradhan while concluding his address invited OPEC Member countries to invest in India,especially in it’s efforts to transform India into a manufacturing hub & in strengthening gas infrastructure and building commercial-cum-strategic petroleum storages under Phase-II .
