India Indicates Rising Oil Prices Will Hasten Transition To Clean Fuels
India, the world's third-biggest oil importer and consumer, signalled on Tuesday that a spike in oil prices would speed up the transition to alternative energy sources.
India has been at the forefront of efforts to urge the Organisation of Petroleum Exporting Countries (OPEC) to ensure "responsible pricing" of oil that suits both producer and consumers.
"Last week, crude oil prices inched upwards to seven-week highs. The cost of crude oil has considerable impact on the pace of energy transition pathways," Petroleum Minister Hardeep Singh Puri said at the launch of OPEC's World Oil Outlook.
"It is in the collective global interest that energy transition should be orderly."
With oil demand recovering, OPEC and its allies such as Russia - a grouping known as OPEC+ - are unwinding record supply cuts made last year. But there are signs some OPEC+ producers are unable to pump more due in part to a lack of investment, and that has boosted prices.
Oil markets climbed for a sixth day on Tuesday. Brent crude futures gained 72 cents to $80.25 a barrel at 1353 GMT, after reaching their highest level since October 2018 at $80.75.
Mr Puri also said India, a major driver of oil demand growth, imports about 80 per cent of its oil needs and wants stronger relations with OPEC.
India shipped in 71 per cent of its oil needs from OPEC countries in the last fiscal year to March 31, 2021, he said.
The minister said that OPEC played a major role in "shaping oil prices and availability".
"India, with a huge energy market, has a vital interest in this regard and we look forward to OPEC's leadership in ensuring this," he said.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.