India monitoring oil market developments and responses: Pradhan

India has been in touch with the United States (US), the Russian Federation, Saudi Arabia and the UAE as part of efforts in monitoring market oil market developments and responses said Minister for Petroleum and Natural Gas, Dharmendra Pradhan.

Pradhan said this during a bilateral meeting Mohammad Sanusi Barkindo, OPEC Secretary General via videoconference to discuss the importance of the OPEC-India partnership and further ways to strengthen dialogue in the face of current challenges.

An official statement said that the two discussed the impact of the Covid-19 pandemic on the global economy and oil market, with a specific focus on India and Asia. “With the easing of containment measures, the gradual recovery is expected to revive oil demand,” he said.

Pradhan also made a 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 said.

During the bilateral, Barkindo invited Pradhan to take part in the 8th OPEC International Seminar which will be held in Vienna on June 16 and June 17, 2021. Both agreed to reconvene their next high-level energy meeting in July 2020.