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| Deora: On the agenda |
New Delhi, Sept. 11: Petroleum minister Murli Deora has pitched tent in Vienna for bilateral discussions with his counterparts from Opec, the oil cartel, about the possibility of buying cheap crude for the country.
India and China, in pursuit of growth, have been guzzling enormous quantities of crude in recent times. However, the intense volatility in the global market for crude has sparked misgiving about the ability of the two Asian economies to sustain high growth.
China had organised a meeting in Beijing of major oil consumers to fight the relentless surge in international prices of crude. India, too, had convened a buyer-seller meet of Asian countries, though both the meetings failed to produce any outcome.
Analysts feel soaring crude prices cannot just be explained by supply-demand mismatch, arguing that speculators are indulging in sinister machinations to ramp up prices.
Even the Organisation of the Petroleum Exporting Countries (Opec) has admitted that the price inferno could trigger a recession and backfire on their economies. Opec, however, has not prepared any strategy to fight the price spiral.
Opec coordinates the production policies of its members to stabilise the oil market.
The members meet regularly with analysts and various country representatives to review the current trends and make forecasts.
In Vienna, Deora will reaffirm India’s commitment to the millennium development goals of the United Nations that aim to considerably reduce poverty by 2015. He is expected to argue that high energy prices are a barrier to the UN goals in developing countries.
From Vienna, Deora will hop off to the UK to address the fifth annual Eurasia conference in Cambridge.
Deora will speak on issues that can enhance business prospects with the Eurasian countries and share India’s experience in Eurasia.
The petroleum minister’s visit is expected to help in expanding cooperation with oil producing countries, invite participation in NELP VI and encourage investments in the hydrocarbon sector.
