India advocates stable oil market
Petroleum and Natural Gas Minister Dharmendra Pradhan has urged crude oil producers to ensure affordable prices to allow for a consumption-led demand recovery.
Addressing the G20 Extraordinary Energy Ministers’ virtual Meeting on 10 April 2020, he said India has always advocated for a stable oil market, which is reasonable for producers and affordable for consumers.
Pradhan appreciated the collective efforts of OPEC and OPEC-plus countries to balance the supply-side factors which is imperative for long-term sustainability.
The meeting was called by Saudi Arabia, in its capacity as the G20 Presidency, and chaired by Saudi Arabia Energy Minister Prince Abdulaziz and attended by Energy Ministers of G20 countries, guest countries and heads of international organizations including OPEC, IEA and IEF.
The G20 Energy Ministers’ focused on ways and means to ensure stable energy markets, which are affected due to demand reduction as result of the COVID-19 pandemic and the ongoing surplus production -related matters. fiinews.com
