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India renews call for reasonable oil prices

IANS  |  New Delhi 

on Thursday reiterated its call for reasonable global and invited investment in its hydrocarbons sector in line with the country's drive to attaining security.

Noting that as the third largest consuming country imports most of its and gas needs, made the call for "responsible pricing" at the concluding session of the 16th International Forum (IEF) ministerial here.

"imports most its fossil fuel requirements and, at the same time, the buyer in the country is very price conscious," Pradhan said.

"It is in this context that has coined the concept of responsible and reasonable I again urge producers to work for a more equitable regime rather than artificially influence the market through output and investment changes.

"is open to investment and I invite companies to invest in India's upstream and downstream sectors, joint ventures and academic collaborations," he added.

had inaugurated the IEF 16 on Wednesday with the call for "responsible" in the hydrocarbons market so as to balance the interests of and gas producers and consumers.

Pradhan said the "neutral" platform of the IEF made it a perfect forum of discussion between producing and consuming countries.

Signalling India's growing global importance as an consumer, the IEF was held in after a gap of 22 years.

The meeting of ministers of the 72-member IEF, hosted by and co-hosted by and South Korea, aimed to focus on how global shifts, transition policies and new technologies influence market stability and future investment in the sector.

Recognising that universal access to is central to economic growth and welfare, the IEF16 concluding statement said: "Noting that poverty is one root cause of migration, IEF 16 delegates placing emphasis on affordability and making supply chains more affordable and sustainable."

On the and gas market, the statement said: "Noting that demand growth will not ease the burden on and gas producers to mobilise investment in new supply, and that investment needs are exacerbated by the backlog of stalled investments over the last four years, IEF delegates noted that more widely dicerging views on futureenergy policy and market trends further delay investments from moving forward expeditiously."

Among ministers from overseas who attended the meeting this year are those of Saudi Arabia, the UAE, Iran, Qatar, Nigeria, Japan, China, and the US.

In his address at the inauguration, Saudi Arabian said that the future supply situation of sources, particularly of oil, is "not reasssuring", and that producers in the (OPEC) "remain committed to the long-term market".

"and are discussing extending the cooperation and monitoring of the market to extend stability," he said, referring to the crude output cuts agreed last year between OPEC and in a move to stop the slide in prices that had fallen to around $25 a barrel two years ago.

Crude currently is averaging around $70 a barrel.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 14:34 IST
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