Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

OPEC Should go for 'Responsible Pricing': Indian Oil Minister

Oil Minister Dharmendra Pradhan met OPEC Secretary General Sanusi Mohammad Barkindo to discuss "the current scenario of oil and gas industry of the world and exchanged notes on the recent developments", an official statement stated.

PTI

Updated:October 8, 2017, 11:07 PM IST
facebookTwitterskypewhatsapp
OPEC Should go for 'Responsible Pricing': Indian Oil Minister
File photo of oil minister Dharmendra Pradhan. (Reuters)

New Delhi: India on Sunday pressed oil cartel OPEC to adopt "responsible pricing" for oil and consider the world's third-biggest oil consumer as its preferred sales destination.

Oil Minister Dharmendra Pradhan met OPEC Secretary General Sanusi Mohammad Barkindo to discuss "the current scenario of oil and gas industry of the world and exchanged notes on the recent developments", an official statement stated.

During the meeting, Pradhan highlighted that in Sunday's oversupplied market, it is important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centres.

Barkindo is in India to attend the first CERAWEEK India Energy Forum. The two had last met in Vienna in May 2017 for the 2nd India-OPEC Institutional Dialogue.

"Pradhan reiterated that the OPEC should work towards 'responsible pricing', which is important for India for socio- economic and developmental reasons," the statement said.

Reiterating the decade-old India's view that the OPEC should consider giving 'Asian Dividend' rather than charging 'Asian Premium' on the crude supplied to India, he said countries like India should actually be the "preferred destination".

India sources about 86 per cent of crude oil, 75 per cent of natural gas and 95 per cent of LPG from OPEC member countries.

The OPEC stands for the Organization of the Petroleum Exporting Countries.

The minister emphasised on the need for a purposeful and improved dialogue among producer and consumer countries.

He suggested that the OPEC at its ministerial meetings give wider consideration to India's requests.

According to Pradhan, India is putting a lot of emphasis on diversifying its crude oil supply sources and tapping new supply sources.

In this context, he highlighted the arrival of two shipments of crude oil cargo of 1.6 million barrels from the US.

Three Indian public sector refineries have already placed a cumulative order of 7.85 million barrel from the US. In addition, a private refiner has placed an order of 2 million barrel from the western nation.

The minister was accompanied by senior officials from the Ministry of Petroleum and Natural Gas and also CEOs of seven public and private refineries who together operate all 23 refineries in India processing over 235 million tonnes of crude annually.

The minister extended invitation to the OPEC secretary general to attend the 16th Ministerial Meeting of International Energy Forum scheduled to take place in India in April 2018.

The secretary general accepted the invitation, the statement said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ananya Chakraborty
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results