PIB News Update: Minister of Petroleum and Natural Gas and Steel Shri Dharmendra Pradhan held a discussion through Video Conference with H.E. Dr. Mohammed Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC).Discussions focused on current developments in global energy markets and crude oil price trends in the midst of Covid-19-induced challenges and in the run-up to the OPEC meetings later this month.
Minister Pradhan highlighted the need for producing and consuming countries to take responsible steps in the coming days to enable revival of fragile economic situation globally. He noted that gradual economic recovery is expected which will revive oil growth, and thus care should be taken not to upset the fragile balance between supply and demand achieved so far.Minister Pradhan stressed on OPEC’s role in stabilising oil markets, and agreed to work in close collaboration with OPEC countries for India’s energy security and also for global energy stability in the current challenging environment.
MrBarkindo invited Shri Pradhan to take part in the 8th OPEC International Seminar which will be held in Vienna on the 16th and 17th of June 2021.Both sides agreed to hold the India-OPEC High level Dialogue in July 2020 through DVC.MrBarkindo conveyed deep appreciation and admiration of India’s efforts in managing the pandemic and reviving the economic activities in the country.