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PM Modi to open mega global oil and gas ministerial IEF today

New Delhi: Oil ministers from key producing and consuming countries and top executives of international oil firms have gathered in New Delhi to debate the way ahead for the energy sector at the 16th International Energy Forum (IEF) Ministerial.

Prime Minister Narendra Modi will open the ministerial where speakers would include several oil ministers, including Saudi Arabia’s Khalid Al-Falih, UAE’s Suhail Mohamed Al Mazrouei, Iran’s Bijan Namdar Zangeneh, and Qatar’s Mohammed Bin Saleh Al-Sada.

Ministers and officials from Nigeria, Japan, Russia, China, USA, International Energy Agency, OPEC, CNPC, Total, and Exxon Mobil will also participate in the conference spread over Wednesday and Thursday.

“IEF16 aims to focus on how global shifts, transition policies and new technologies influence market stability and future investment in the energy sector,” an oil ministry statement said.

Oil minister Dharmendra Pradhan met with OPEC secretary general Mohammad Sanusi Barkindo as well as energy ministers from a few countries on Tuesday ahead of the IEF Ministerial in Delhi. “Deliberated upon issues of output cuts by OPEC resulting in high volatility & increased oil prices and its effect on a price sensitive country like India,” oil ministry tweeted about Pradhan’s meeting with Barkindo.

The meet comes at a time oil prices have climbed to about $70 a barrel from under $30 two years ago following an agreement between key producers, including OPEC members and Russia, to cut production to support prices.