Oil producing countries must ensure price balance: Pradhan at Davos

Union minister Dharmendra Pradhan on Wednesday said responsible pricing is key for the growth of the global oil industry as consumers in countries like India are price sensitive.

He also asserted that producing countries must ensure there remains a price balance, the oil minister told world leaders in Davos.

"Responsible pricing is key for the balance and growth of global oil industry as consumers in countries like India are price sensitive," Pradhan said.

Speaking at a session on 'The New Energy Equation' at the World Economic Forum (WEF), he said India is very much focused on adding renewable energy capability but it is a consuming country and would be dependent on oil for some time.

"Our per capita consumption is very low and we will continue to depend on imports... My expectation as a consumer would be that the prices should not pinch us and the producing country must ensure there is a balance," he said.

Energy ministers from Russia, Saudi Arabia and the US, in addition to leaders from some major global oil companies, also attended the session.

Pradhan also held a series of meetings with several business and government leaders here on the sidelines of the summit.

Earlier in the day, Pradhan tweeted he met NRI businessman Lakshmi Mittal and his son Aditya Mittal and discussed about their plans for expansion in petrochemical segment in India.