Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Friday said that India will continue to be the centre of the oil market and a top consumer despite the effects caused by the deadly Coronavirus.
These remarks were made during the G-20 Energy Ministers virtual meet to assure oil-producing nations of India’s position.
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He also added that India will continue to procure about 5.33 million tonnes of crude oil from UAE and Saudi Arabia for its strategic reserves which are stored underground.
According to reports, India will spend about USD 670 million at USD 30 per barrel for this purpose.
This will provide reserves up to nine days in case of emergencies and contingencies.
Meanwhile, the decision of OPEC to cut oil production by 10 million barrels per day for two months starting in May and a gradual reduction from then on to stabilise prices in the global markets was also discussed.
All OPEC+ (including some non-members such as the USA) agreed to this proposal, except Mexico.
