Oil price should be kept at affordable levels: Pradhan

Oil prices should be kept at affordable levels to allow for a consumption-led demand recovery, Minister of Petroleum and Natural Gas and Steel, Dharmendra Pradhan, said.

He was participating in the G-20 Extraordinary Energy Ministers’ virtual meeting on Friday. The meeting was called by Saudi Arabia, in its capacity as the G-20 Presidency, and chaired by Saudi Arabia Energy Minister Prince Abdulaziz. The meeting was attended by Energy Ministers of G-20 countries, guest countries and heads of international organisations including OPEC, IEA and IEF.

The G-20 Energy Ministers’ focused on ways and means to ensure stable energy markets, which were affected due to demand reduction as result of the Covid-19 pandemic and surplus production.