Modi pitches for responsible oil pricing to balance interests of producers, consumers


Modi pitches for responsible oil pricing to balance interests of producers, consumers

There is a need to mitigate fluctuations in crude oil price and efforts must be directed towards responsible pricing, Prime Minister Narendra Modi said on Monday.

Speaking at the Petrotech – 2019, Modi said, “For too long, the world has seen crude prices on a roller-coaster. We need to move to responsible pricing, which balances the interests of both the producer and consumer. We also need to move towards transparent and flexible markets for both oil and gas. Only then can we serve the energy needs of humanity in an optimal manner.”

Modi said the global energy dynamics are changing and “There is a shift in energy consumption from West to East. The US has become the world’s largest oil and gas producer after the shale revolution.”

“As we gather here to discuss the present and future of global energy, winds of change are evident in the global energy arena. Energy supply, energy sources and energy consumption patterns are changing. Perhaps, this could be a historic transition,” he added.

New energy sources

Modi said the newer sources of energy can lead to a time of energy abundance. He said, “We are entering an era of greater energy availability…Solar energy and other renewable sources of energy have become more competitive. They are emerging as sustainable substitutes for traditional energy forms. Natural gas is fast becoming one of the largest fuels in the global energy mix. There are signs of convergence, between cheaper renewable energy, technologies, and digital applications. This may expedite the achievement of many sustainable development goals,” he said.

Clean cooking fuel

Despite energy abundance, there are many across the globe that do not have access to it. Modi said, “More than a billion people across the globe still do not have access to electricity. Many more do not have access to clean cooking fuel. India has taken a lead in addressing these issues of energy access. In our success, I see hope for the world that problems of energy availability can be suitably addressed. People must have universal access to clean, affordable, sustainable and equitable supply of energy. India’s contribution in the onset of an era based on energy justice is significant.”

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