New Delhi: With the biggest attack ever on the Saudi oil industry creating volatility in the market, Petroleum Minister Dharmendra Pradhan Thursday said securing affordable and sustainable energy tops agenda of “vulnerable” importing nations like India which were exposed to supply concerns.
India was able to secure most of its contracted supplies from its second-biggest oil supplier, Saudi Arabia, in the aftermath of the September 14 drone and missile assault on the Kingdom’s main oil facility that knocked out about 5.7 million barrels a day, about half of the country’s output.
“Today, we are meeting in the backdrop of a major oil and gas crisis resulting from attacks on Saudi oil processing plants at Abqaiq and Khurais,” Pradhan said at the World Economic Forum.
“The price volatility and concerns about sustained oil supplies made consuming countries vulnerable given the fact that India, along with most South Asian countries, have a major dependency on crude oil and gas imports. So, securing affordable and sustainable energy figures as a top agenda for all these countries, including India,” he said.While oil supplies from Saudi Arabia have not been impacted in the aftermath of the attack, liquefied petroleum gas (LPG) imports have been impacted. Saudi Arabia has deferred at least two shipments of LPG which India had to make up by importing from other countries such as the UAE and Qatar.
“It is only natural that the global energy deliberations pay close attention to the developments in the energy sector in India,” he said. “This has a lot to do with the emergence of India as third-largest energy consumer in the world, and the fact that India is playing a leading role globally by implementing several transformative initiatives to reduce energy poverty in the country.”
India, he said, recorded the highest growth of foreign energy investments in the world, which touched $85 billion.
Pradhan said in pursuit of a $5-trillion economy by 2024 from $2.9 trillion size now, it was imperative to increase energy availability to 1.3 billion people.
