NEW DELHI (Reuters) – G20 energy ministers in joint statement to propose task force to advise ministers on necessary steps to stabilize oil markets amid pandemic coronavirus, the Indian petroleum ministry said on Friday in a statement.
Although India’s fuel demand has plummeted due to a national blockage to stem the spread of the coronavirus, India will continue to be a global center of energy demand, said the Minister of Petroleum Dharmendra Pradhan at the meeting.
India, the world’s third largest oil importer, has urged producers to target “affordable” prices for a recovery in demand driven by consumption.
The Minister also praised the efforts of the OPEC and OPEC + oil producing countries to balance the market, which is imperative for long-term sustainability.
Report by Nidhi Verma; edited by Jason Neely