In a subtle message to oil cartel OPEC, Prime Minister Narendra Modi today said efforts to artificially distort prices are self-defeating, and a global consensus must be built for responsible pricing to provide affordable energy to all.
With ministers from Organization of the Petroleum Exporting Countries (OPEC), including kingpin Saudi Arabia, Iran and Qatar in audience, Modi said artificially distorting prices causes undue hardship particularly to importing countries.
"The world for too long has seen oil prices on roller coaster. We need to more responsible prices which balances interest of both consumer and producer," he said addressing the 16th International Energy Forum (IEF) Ministerial meeting here.
The world, he said, needs to move towards a transparent and flexible market for both oil and gas. "Only then we can serve the energy need of the humanity in an optimum manner."
The Prime Minister said India needs energy security. "My vision for India's energy future has four pillars. Energy access, efficiency, sustainability and security."
While energy in general and hydrocarbons in particular are important part of the vision, India needs "accessible and affordable tools," he said. "It needs efficiency in energy use."
Disclaimer: No Business Standard Journalist was involved in creation of this content