Sun Shiyansheng, general secretary of the International Energy Forum, who visited India, said that this is an important meeting in the rapidly changing energy scenario, which will churn on the issues of energy security.
India is going to host the world’s largest energy kumbh, with the increasing influence of the precious buyers in the world’s fuel market. The 16th Ministerial Meeting of the International Energy Forum will be held in New Delhi in April 2018, in which more than 60 countries will join the Energy Minister. Current President of the International Energy Forum, with India, China and South Korea will also be co-organizers in this event.
Sun Shiyansheng, general secretary of the International Energy Forum, who visited India, said that this is an important meeting in the rapidly changing energy scenario, which will churn on the issues of energy security. This 16th Minister level meeting to be held on April 10-12 will raise the heads of energy ministers from 60 countries and more than 15 international energy institutions. This Minister level level meeting of the world’s largest energy forum occurs once in two years. Prime Minister Narendra Modi will also be present in the opening session of the meeting in New Delhi.
It is a sign of the changing equations in the oil and gas market that this meeting of fuel producing countries has been happening in a consumer country like India. Sanjay Sudhir, joint secretary in the Ministry of Petroleum and Gas, told that according to the latest estimates of the energy sector, where the per capita consumption of countries like the US, Japan is decreasing, its graph is increasing in India. It would be important that the IFF’s Ministerial Meeting is being organized in India.
Between the ups and downs of the oil market, India’s efforts will be to find ways to eliminate Asian premiums. At the time of buying petroleum from the oil-producing countries, Asian countries have to pay more than the US or Europe, which is called Asia Premium. Along with this, India’s effort will be to strengthen the mechanism to curb huge fluctuations in prices.
It is important that the price of crude oil in the world market is around 6 to 9 dollars per barrel, while the cost of 1 liters of petrol in India is more than Rs 70. A major issue in the global churn on the issue of energy security will also be the challenge of keeping the oil resources away from the reach of terrorist organizations in the Gulf countries. Apart from this, there will also be discussions on security aspects related to multinational oil and gas projects like Tapi. During the meeting, there will also be special session on alternative energy resources.