Tuesday, 23 May 2017

India moving beyond oil as seeks alternatives to OPEC

OPEC production cuts and the prospect of more expensive oil are pushing India to consider U.S. and Canadian suppliers, as well as encouraging it to turn to renewable energy, the country's petroleum and natural gas minister said on Monday. Dharmendra Pradhan made the comments in Vienna ahead of OPEC's meeting this Thursday when members will decide whether to extend production cuts to ease the global oil glut that has grown in tandem with rising North American output.


Pradhan said India, the world's third biggest consumer, would act in its national interest to secure inexpensive crude, expand its use of natural gas as it seeks to honour the Paris climate change agreement and is keen to explore biodiesel and other renewable fuels. "I want to protect my consumers' interests," Pradhan, who assumed his role in 2014, said in an interview. "India's leadership is very focused on energy security for all its citizens."

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