New Delhi: India raises its tone of oil and natural gas prices due to the price of domestic pumps reaching a new record on Wednesday, saying the current volatility can be boomerang to producers because it will become a new global economic revival and the growth of oil demand growth.
With Saudi Energy Minister Abdulaziz bin Salman, Secretary General OPEC Mohammad Sansui Barkindo and the World Energy Minister Listening, Oil Minister Hardeep Singh Puri told the Indian Forum Seraweek that the world needs “clean, affordable energy, reliable, reliable, reliable, reliable Recovery of pandemic.
“I hope our friends at OPEC + (grouping including other major producers such as Russia) will take into account the oled sentiment.
While we tried to ensure that economic activities accelerated, the fact was that high prices damaged it.
If economic activities slow down, the demand for oil and gas also (decreases), “said Puri.
Reminding global energy leaders How oil prices fell to $ 19 in April 2020 when the pandemic closed the main global economy, Puri said the current situation was” calls wake up “, indirectly tells the producers they will also suffer if economic recovery stumbles for high oil and gas prices.
The impact of inflation from high oil prices in India, is seen to lead global oil demand for the next two decades as a big economy that grows the fastest , has the potential to make scar producers too.
“Crude oil contributed nearly 20% of our import bills.
Bill fuel imports we have jumped from $ 8.8 billion (in the end of June 2020) to $ 24 billion in the quarter end of June 2021 …
the impact of price increases in all economies, but especially in large developing countries such as India, You can see waves.
In inflation which can also increase costs to produce and transport goods, “he implies that such a situation will make a throttle request Manufacturers increase output, which is expected to stabilize the market.
But Energy Minister Saudi Bin Salman defends OPEC + Oil Market management, said grouping has a “very limited” role in pricing.
“The problem is not the availability of crude oil.
Even if we succeed in being available in tons and tons, who will burn it? Who needs it? And do they need crude oil or need, for example gas? “In an expert session, Tarun Kapur’s oil secretary said the high price of oil and gas, which India was seen as a fuel transition, could force the country to return to” what is available with us “, indirectly indicates increased use of coal.