Demand security equally important for oil firms: Pradhan in Istanbul

Says rising middle-class in emerging Asian countries will drive demand for energy sector

In wake of weak crude prices and subdued demand, India now looks to highlight that demand security will be equally important for oil producing companies. The country’s oil minister Dharmendra Pradhan once again pushed for ‘responsible pricing’ at the Petroleum Congress in Istanbul.
 

“He underlined that in today’s oversupplied market, it is important for producers to understand the perspective of consumers and demand centres and the changes that have taken place in these centres. As the security of supplies is an important factor for consumers, security of demand is equally important for producers,” said a statement from the Press Information