PM seeks responsible pricing for affordable energy

In a subtle message to oil cartel Opec, Prime Minister Narendra Modi on Wednesday 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 Organisation of the Petroleum Exporting Countries (Opec), including 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."

India, the world's third largest oil consumer, is 80 per cent dependent on imports to meet its needs.

Stressing on "mutually supportive" relationship between producers and consumers, Modi said it was in the interest of producers that other economies keep growing steadily and rapidly to ensure growing energy market. His statement comes days after it was reported that Saudi Arabia and Russia were looking at extending a shortterm pact to curb oil supplies with a view to check prices.