Petroleum Minister Dharmendra Pradhan at Abu Dhabi International Petroleum Exhibition and Conference….
AMN / Abu Dhabi
India’s Petroleum Minister Dharmendra Pradhan on Monday asked oil-producing countries to keep the interests of large consumers like India in mind while fixing prices of oil.
Speaking at the Ministerial session on Abu Dhabi International Petroleum Exhibition and Conference here Mr Pradahan said that there was a need to stop price volatility in the energy sector.
Public sector companies under Petroleum and Natural gas Ministry like HPCL, IOCL, BPCL, ONGC, OIL and EIL have set up stalls in the exhibition. Director General Hydrocarbons also has a separate stall there besides companies like CII and FICCI have their presence in it.
On the sidelines of ADIPEC, a MoU was signed between India and Abu Dhabi National Oil company for storage of crude oil at Padur in Karnataka.
Later the Minister accompanied by Sultan Al Jabar, UAE Minister of state and CEO of Abu Dhabi National oil company visited the India Pavilion of Federation of Indian Petroleum Industry which he inaugurated.
Major oil producers meeting here to consider reverting to output cuts after a sharp slide in crude prices.
Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.
Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York’s West Texas Intermediate (WTI) sank below $60 a barrel, a nine-month low.
The United States has upped production of shale oil, while Saudi Arabia, Russia and others have raised supplies of crude amid signs of slowing demand.