India : PM Modi bats for responsible energy pricing by oil producing countries

At the 16th International Energy Forum, he said that artificially distorting the price was self-defeating

At a time when global oil prices have been on the boil, Prime Minister (PM) Narendra Modi has asked oil-producing countries to adopt “responsible pricing”.

On Wednesday, the benchmark Brent crude prices hit $73.09 a barrel, the highest level since December 2014, after

US President Donald Trump warned Russia that it should to prepare for a missile strike on its ally Syria.

“We need to move towards responsible pricing that will balance the interests of producers and consumers,” Modi said in his inaugural address at the 16th International Energy Forum (IEF) in New Delhi on Wednesday. Transparent pricing of oil and gas was necessary to serve humanity, as a large number of people still had no access to energy, he said, adding that artificially distorting the price was self-defeating.

It is in the interests of producers that other economies keep growing steadily and rapidly, the PM pointed out. “Use this platform to build a global consensus on responsible pricing that will serve the mutual interest.”

 

Source : http://www.business-standard.com/article/economy-policy/pm-modi-bats-for-responsible-energy-pricing-by-oil-producing-countries-118041100975_1.html

Smart Grid Bulletin July 2018


View all SMART GRID Bulletins click here