Hoping to lower global crude prices, India has reiterated its request to oil-producing countries to increase their production. The price of India’s basket of crude is currently around $82 a barrel, up from $69 a barrel in mid-August, buoyed by recovery in global demand and limited production from major oil exporting countries.
“OPEC Plus must take into account the sentiments of energy consumers,” said EU Oil and Natural Gas Minister HS Puri on Wednesday. “We are all in this because there is a direct relationship between economic activity and oil prices,” he added, and slowing economic activity will also lead to lower demand for oil and gas. The Minister was speaking at the “Indian Energy Forum” by CERAWeek.
On Wednesday, Prime Minister Narendra Modi interacted with chiefs of major international oil companies, including Igor Sechin of Rosneft, Amin Nasir of Saudi Aramco, Bernard Looney of BP, RIL President Mukesh Ambani, and Vedanta Chairman Anil Agarwal.
State-run national oil companies are actively looking for international players to increase domestic oil and gas production to reduce dependence on imports.
India’s imports of crude oil in April-August reached 83.8 million tons, recording an annual increase of 13.2%. Due to the rise in global crude oil prices, the value of imports amounted to $42.2 billion, an increase of 137% over the same period in 2020.
Speaking at a separate session at the Indian Energy Forum, Oil Minister Tarun Kapoor stated that the current high natural gas prices are prompting the country to rethink whether it can rely on gas for its energy transition. Among the participants in Wednesday’s event were OPEC Secretary-General Muhammad Sanusi Barkindo, Jennifer M. Granholm, Secretary of Energy of the US Department of Energy, UAE Minister of Industry and Advanced Technology Sultan Ahmed Al-Jaber, and Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud.