India PM appeals for reasonable pricing of oil, gas

NEW DELHI, Indian Prime Minister Narendra Modi on Wednesday appealed to the oil and gas producing countries to take steps to ensure reasonable and equitable pricing while stressing that his country is poised to witness 4.5% growth in global energy demand in the coming 25 years. He made the appeal while inaugurating the 16th International Energy Forum Ministerial Meeting which India hosts in New Delhi.

Modi told the ministers and participants from the oil and gas producing countries to take necessary steps in order to ensure that all the people especially economically poor have access to energy. “Oil and gas are commodities of trade.

Energy is essential for all sectors of the economy,” he told the gathering adding, “We need to build up a global consensus, which will help the consumers and the producers.” “We are entering an era of energy abundance. However, 1.2 billion people do not have access to electricity and many do not have access to clean fuel. The World must have access to renewable energy.

Oil and gas are commodities of trade but they are also a necessity. World has for too long seen prices on a roller coaster,” Modi further stated. Pitching for a healthy relation between the producers and consumers of oil and gas, the Indian PM said that “efforts at artificially distorting prices are self-defeating”.

A number of energy producing and consuming countries including Saudi Arabia, the UAE, Iran, Qatar, Nigeria, Japan, China, Russia and the US are participating in the event.

Addressing the forum, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih experessed his apprehensions about the future of fossil fuel and urged to build “an enabling environment along the entire value chain”.as fossil fuels “will be there for some time to come”.

He added that producers in the Organisation of Petroleum Exporting Countries (OPEC) are committed to sustain the long-term market of the oil and gas.

“Saudi Arabia and Russia are discussing extending the cooperation and monitoring of the market to extend stability,” he told the gathering in an indication output cuts agreement between the OPEC and Russia in 2017 to arrest massive decrease in oil prices.

Source: Kuwait News Agency