NEW DELHI: Energy ministers of G20 countries on Friday backed the deepest-ever production cut deal to rebalance the global oil market, with India and Saudi Arabia — representing the voices of consuming and producing countries — calling for “stable, affordable, reliable and accessible” supplies to enable basic services in times of Covid-19 and assist in economic recovery.
“India has always advocated a stable oil market, which is reasonable for producers and affordable for consumers… India was, and will continue to be the global energy demand centre,” oil minister Dharmendra Pradhan told his G20 counterparts to assure them of continued demand from the world’s fastest-growing energy market with fuel consumption rising at 5% annually.
