Union Petroleum Minister urges OPEC countries to invest in India -

New Delhi: Union Petroleum Minister Dharmendra Pradhan appealed to the OPEC countries to invest in India. Pradhan said, ‘The OPEC countries should take cognisance of the changes in the oil and other energy sectors after the Coronavirus crisis. Obstacles have been created in the supply chain due to the Coronavirus crisis in this sector, and the OPEC countries need to pay attention to the fluctuation and disparity in the oil prices.’ A high-level meeting between India and the OPEC countries was held on Friday.

The first meeting with OPEC, the oil producer and supplier group of countries, was held on Friday. Pradhan highlighted the importance of the OPEC countries saying, ‘OPEC is a valuable partner in respect of fuel security of the country. 78% of the oil purchased by India comes from the OPEC countries. Other than this, the OPEC countries also supply 59% of LPG and 38% LNG requirements of the country.’

Pradhan said that discussions were held on rapid changes in the global energy sector, increasing challenges in the industry and measures taken by the OPEC countries to maintain a balance in the oil markets. Pradhan said that these countries have guaranteed fuel supply to India. The Indian energy market is growing faster than the other markets. Saying that the OPEC countries will benefit, in the long term, from this demand in India, Pradhan invited the OPEC countries to invest in India.