Published 21:20 IST, June 4th 2020
Pradhan discusses crude oil price trends with OPEC Secretary General amid COVID crisis
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Thursday held a discussion via video conference with the OPEC Secretary-General Barkindo
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Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Thursday held a discussion via video conference with the Organisation of Petroleum Exporting Countries (OPEC) Secretary-General Mohammed Barkindo. The two leaders touched upon the recent developments, including global energy markets amid the COVID-19 pandemic during their interaction.
"The discussions between Pradhan and Barkhino 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," an official statement by the Ministry of Petroleum and Natural Gas read.
#HEPradhan made reference to the G20 energy ministers and their support for market stabilization efforts. “The subsequent understanding between #OPEC and #OPEC+ and also producers such as Norway and #Canada was a new departure,” he added.
— OPEC (@OPECSecretariat) June 3, 2020
“We would like to register our deep admiration on how your esteemed Government was able to contain this deadly pandemic COVID-19,” the SG said, adding “I would like to commend India’s consultation and dialogue with OPEC.”
— OPEC (@OPECSecretariat) June 3, 2020
The Union Minister also emphasized the need for producing and consuming countries to take responsible steps in the coming days to enable the revival of fragile economic situations 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," the statement further read.
He also highlighted 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, it said. The OPEC Secretary-General has Pradhan to take part in the 8th OPEC International Seminar which will be held in Vienna on June 16 and 17 in 2021.
(with inputs from ANI)
(Image Credits: PTI)
21:20 IST, June 4th 2020