New Delhi: Affordable oilNSE -2.80 % prices would be key to facilitating demand recovery, Oil Minister Dharmendra Pradhan told a virtual gathering of energy ministers of the G20 group of the world’s largest economies on Friday.
“Appreciated the efforts of OPEC and OPEC+ to balance supply-side factors. Also, advocated for a stable oil market, and the need for targeting oil prices at affordable levels to allow for a consumption-led demand recovery,” Oil Minister Dharmendra Pradhan wrote on twitter after the first-ever G20 Energy Ministers’ virtual meet.
Oil markets are experiencing deep demand destruction due to the coronavirus pandemic. A price war between Saudi Arabia and Russia has further contributed to the supply glut. Members of oil cartel OPEC and allies led by Russia are now back to the negotiating table a
