Union Minister Dharmendra Pradhan on Thursday urged OPEC countries to take a deep look at the rapidly changing global oil and gas sector due to COVID-19 and revisit the ongoing exchanges so that energy challenges, particularly in the oil sector, can be jointly addressed.
He invited OPEC member countries to invest in India, especially in the efforts to transform the country into a manufacturing hub which will be at the heart of global value chain.
He also reiterated Prime Minister 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 the long-term sustainability of crude oil markets and enhancing energy access.
The minister co-chaired the 4th high-level meeting of the India-OPEC Energy Dialogue. The meeting was co-chaired by Secretary-General of OPEC Secretariat Mohammad Sanusi Barkindo.
The minister, who made a series of tweets, said that discussions were held on the rapidly changing global energy landscape, overcoming energy challenges and global oil price mechanisms.
“We had discussions 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,” he said.
“Also urged @OPECSecretariat 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.
“Appealed to OPEC to take a deep look at the rapidly changing global oil and gas sector due to COVID-19 and revisit the ongoing exchanges so that we can jointly address the energy challenges particularly in the oil sector during the ongoing and Post-Covid scenario.”
“Reiterated PM @narendramodi’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,” the minister said.
Pradhan said he also conveyed his deep appreciation to OPEC, particularly Barkindo and to key producers of the OPEC like Saudi Arabia and the UAE, “who have stood by us during the turbulent CPVID-19 times by supplying additional quantities of LPG to support our domestic requirement.”
“OPEC has been a valuable partner in India’s energy security. I also highlighted importance India attaches to the India-OPEC Institutional Dialogue,” he said.
The minister said 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.
He expressed confidence that OPEC and India will continue working closely for mutual benefit and shared prosperity.
Barkindo appreciated the “visionary leadership” of the Prime Minister, 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.
According to the Minister, Barkindo also appreciated the resilience of India’s oil and gas sector and India’s energy agenda driven by seven key energy drivers enunciated by PM Modi during the India Energy Forum. He also assured to continue with OPEC’s efforts in balancing supply side factors.
“I invited OPEC member countries to invest in India, especially in our efforts to transform India into a manufacturing hub which will be at the heart of global value chain and in strengthening gas infrastructure and building commercial-cum-strategic petroleum storages under Phase-II,” he said.
It was the first meeting of this institutional dialogue since the onset of the COVID-19 pandemic.
“The virtual meeting was also joined by OPEC Member countries, CMD and MDs of India’s oil and gas industry from both the public and the private sector.