April 05 2020
PM pitches for responsible oil pricing
12 February 2019

‘We need to move towards transparent and flexible markets for both oil and gas’

The world must move to a more responsible pricing mechanism for oil that balances the needs of the producers as well as the consumers, Prime Minister Narendra Modi said on Monday while inaugurating Petrotech 2019, the government’s flagship oil and gas global conference.

“For too long, the world has seen crude prices on a roller-coaster,” Mr. Modi said. “We need to move to responsible pricing, which balances the interests of both the producer and consumer. We also need to move towards transparent and flexible markets for both oil and gas. Only then, can we serve the energy needs of humanity in an optimal manner,” he added.

Shift in energy sector

The Prime Minister also highlighted an ongoing shift in the energy sector, both geographically and also in the mix of fuels used by nations.

“There is a shift in energy consumption from West to East,” Mr. Modi said. “The United States has become the world’s largest oil and gas producer after the shale revolution. Solar energy and other renewable sources of energy have become more competitive. They are emerging as sustainable substitutes for traditional energy forms. Natural Gas is fast becoming one of the largest fuels in the global energy mix.”

Mr. Modi also highlighted India’s role in the global economy and the energy market, saying that even international agencies such as the World Bank and the IMF had recognised its position.

“Currently, India is the fastest growing large economy in the world,” he said. “Leading agencies such as IMF and World Bank project the same trend to continue in the coming years. In an uncertain global economic environment, India has shown tremendous resilience as an anchor of the world economy.”

“India recently became the sixth largest economy in the world,” Mr. Modi added.

“According to a recent report, by 2030, India could be the second largest world economy. We are also the third largest energy consumer in the world, with demand growing at more than five percent annually.”



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