New Delhi: India joins hands with US, China, Japan and South Korea to seek stable oil prices, which is vital for energy security and continued growth of the country.
Energy Ministers from five major energy consuming nations commenced their first-ever meeting in Beijing on Saturday, aiming to forge unity among themselves so as to ensure stability in oil prices.
The one-day meeting, organised by China's National Reform and Development Commission (NDRC), is expected to issue a Joint Statement, urging the key oil producing countries to step up their investment and expand oil supply capacities to ensure adequate supplies for all.
China recently announced it wants a negotiating mechanism with OPEC to ensure a stable, secure supply of oil for its booming economy.
Minister for Petroleum and Natural Gas, Murli Deora is representing India at the meeting along with Indian Ambassador to China, Nirupama Rao and other senior officials from the Ministry of Petroleum and Natural Gas.
Deora will chair a session on 'major challenges and priorities for international cooperation' in which India is expected to call for enhanced international cooperation to ensure stable oil prices.
The meeting is also expected to issue a call to the international community to work together to send a clear signal to the oil market so as to enhance market transparency and curb excessive speculation to maintain stability.
During Chinese President Hu Jintao's India visit last month, the two countries agreed to deepen civilian nuclear cooperation, although there were no firm commitments on the mechanics of such an arrangement.
India, China, US, Japan and South Korea consume nearly 45.5 per cent of the world's 3.77 billion tonnes of oil.
India depends on imports for three-quarters of its oil while Japan and South Korea import all their oil.
Chairman of the NDRC, Ma Kai called for greater cooperation among the five major oil-consuming countries so as to ensure stable oil prices.
Comments
0 comment