Dharmendra Pradhan holds discussion with OPEC Secretary General on crude oil price trends

New Delhi: Petroleum Minister Dharmendra Pradhan has held a discussion with Secretary General of Organization of the Petroleum Exporting Countries (OPEC), Mohammed Barkindo through Video Conference.

The discussions centered 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.

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.

He 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.

On his part, Barkindo invited Pradhan to take part in the 8th OPEC International Seminar which will be held in Vienna on the 16th and 17th of June 2021.

He conveyed deep appreciation and admiration of India’s efforts in managing the pandemic and reviving the economic activities in the country.

Both sides agreed to hold the India-OPEC High level Dialogue in July 2020 through DVC.

Oil prices today dropped on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories.