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PM Modi to meet chief executives of global oil majors on Wednesday

The broad theme of the upcoming interaction between Prime Minister Narendra Modi and chief executives of global oil majos would be the promotion of clean growth and sustainability. (HT_PRINT)Premium
The broad theme of the upcoming interaction between Prime Minister Narendra Modi and chief executives of global oil majos would be the promotion of clean growth and sustainability. (HT_PRINT)

  • This is sixth such annual interaction which began in 2016 and marks the participation of global leaders in the oil and gas sector, who deliberate upon key issues of the sector and explore potential areas of collaboration and investment with India

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NEW DELHI : Prime Minister Narendra Modi will meet chief executives of global oil majors and international energy experts on Wednesday.

This is the sixth such meeting that the Prime Minister will hold with CEOs of energy majors, which comes against the backdrop of India reeling under high transportation fuel prices. India’s petroleum and natural gas minister Hardeep Singh Puri will also be present on the occasion.

"Prime Minister Narendra Modi will interact with CEOs and Experts of Global Oil and Gas Sector on 20th October, 2021 at 6 PM via video conferencing. This is sixth such annual interaction which began in 2016 and marks the participation of global leaders in the oil and gas sector, who deliberate upon key issues of the sector and explore potential areas of collaboration and investment with India," Prime Minister's Office said in a statement on Tuesday.

Global energy markets are in frenzy with a spike in energy prices across fuel sources such as crude oil, gas and coal. Following the covid outbreak, crude prices for Indian basket of crude had plunged to $19.90 in April last year during the first wave. The prices since then have been on a rally and was $73.13 a barrel in September, data from the Petroleum Planning and Analysis Cell showed. India spent $62.71 billion on crude oil imports in 2020-21, $101.4 billion in 2019-20 and $111.9 billion in 2018-19.

“The broad theme of the upcoming interaction is promotion of clean growth and sustainability. The interaction will focus on areas like encouraging exploration and production in hydrocarbon sector in India, energy independence, gas based economy, emissions reduction – through clean and energy efficient solutions, green hydrogen economy, enhancement of biofuels production and waste to wealth creation. CEOs and experts from leading multinational corporations and top international organizations will be participating in this exchange of ideas," the statement said.

India is dependent on imports to meet 85% of its oil demand and 55% of its natural gas requirements. While India’s domestic oil production continues to falter, there has been an uptick in gas production. India’s domestic energy production has been low. In what doesn’t bode well for the country’s energy security, India’s crude and oil and gas production fell by 5.22% and 8.06% respectively in the last financial year.

India is particularly at a disadvantage as any increase in global prices can affect its import bill, stoke inflation and increase its trade deficit. This inadequate supply also comes at a time when global oil demand is rising due to global economy’s revival amidst vaccination drives being carried out and increasing preference for personal mode of transportation due to coronavirus pandemic.

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