IEW 2024 Highlights: Saudi producing less than capacity, but market has enough oil, says Hardeep Puri

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It is in the interest of both oil producing and consuming countries if crude oil prices remain stable, Hardeep Singh Puri said. In the foreseeable future, that is the year 2024, I don't see any difficulties in crude availability, he added.

"I don't tell the oil marketing companies (OMCs) what to do, it's their call," Hardeep Singh Puri said, while responding to queries related to a likely a cut in retail fuel prices. If the fourth quarter for OMCs is also good, you can again ask them regarding fuel price cut, he said, but also pointed out that the OMCs had incurred losses in the past when crude prices rose.

Long-term agreements, such as the deal inked between state-run Petronet LNG and QatarEnergy, bring stability to the domestic market, Petroleum Minister Hardeep Singh Puri said.

Earlier in the day, Petronet LNG announced the extension contract with QatarEnergy for the supply of 7.5 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG) for another 20 years beyond 2028.

Saudi Arabia is producing less than its capacity, oil minister Hardeep Singh Puri. However, the market already has enough oil to meet demand, he pointed out.

Earlier, India imported crude and natural gas from 27 countries. This has went up to 39 countries as India is focused on diversifying energy sources, Petroluem Minister Hardeep Singh Puri said.

Even though imports have slipped slightly, India is still importing around 30 percent of its crude requirements from Russia, Hardeep Singh Puri told reporters. This was 0.2 percent before the Russia-Ukraine war, the minister added.

"If you allow energy prices to go very high, demand for the commodity crashes," the oil minister said, adding that high prices also accelerate energy transition.

Energy transition is important, but not over affordability, Hardeep Puri said, while briefing the press at sidelines of the India Energy Week in Goa. "And energy sustainability comes after that," he added.

The appetite shown by India amid the global headwinds has helped in stabilising the global energy market, Petroleum Minister Hardeep Singh Puri said. He also added that "you cannot go for renewable energy if the market is not ready for it". The transition is required to be stable, he said.

"Compressed biogas is gathering pace," Petroleum Minister Hardeep Singh Puri said, adding that 100 compressed biogas plants are already set up and next 100 plants would be set up soon.

"India is moving toward 20 percent ethanol blending by 2025. E20 fuel will be available at several dispensing stations. Now 9,700 stations are dispensing such fuels in 10 months," Petroleum Minister Hardeep Singh Puri said, during a press briefing.

"The historic Lohia Maidan here is evidence of the fact that when it comes to doing something for the nation, people of Goa leave no stone unturned," Prime Minister Narendra Modi said, while speaking at the 'Viksit Bharat, Viksit Goa 2047' programme.

As part of the 'Viksit Bharat, Viksit Goa 2047' campaign, Prime Minister Narendra Modi inaugurated and laid the foundation stone of projects that are cumulatively worth over Rs 1,330 crore.

Prime Minister Narendra Modi said a substantial portion of the infra capex will be used for the energy sector. PM Modi, who inaugurated the India Energy Week in Goa today, reiterated India's goal of achieving net zero emissions by 2070. Full Story Here

"With 1 crore solar rooftop connections, households will soon become self reliant. Let us learn from each other. Let's collaborate on energy. And let us work towards sustainable energy," says PM Modi

"Connecting with solar power has turned into a mass movement in this country. Our rooftop scheme is a part of that. There will be opportunity to invest in solar power for everyone," PM Modi says

"India's 40% power comes from non-fossil fuel sources," says PM Modi

"Global Biofuels Alliance is getting support globally. This will boost the use of biofuels in the country. It will have potential of $500 billionBiofuels adoption has increased sharply in India. In 2023, the blending has increased more than 12%. More than 42 mln metric tonne carbon emission has been cut," says PM Modi.

By 2070 we want to achieve net zero emissions target, PM Modi further added.

"India is investing more than ever of energy right now. That's why every leader related to the energy sector wants to invest in India. Circular economy is a part of Indian tradition. The Global Biofuels Alliance is an extension of that," says PM Modi.

"India’s oil demand is expected to increase to 38 million barrels per day by 2045 from current 19 million barrels. India is consistently growing its energy capacity. We aim to increase the share of natural gas to 15% of primary energy miss from 6 % now. By 2030 the refining capacity will be at 450 mtpa in India," PM Modi says.

"India is not just fulfilling its own needs but also deciding the direction in which the world will grow. In FY24, we will invest Rs 10 lakh crore on infrastructure and have promised another Rs 11 lakh crore for FY25. A substantial share of this will be towards energy infrastructure," the PM says.

"India is preparing for the growing energy demand. We are ensuring affordable energy in every corner of this country. We are one of the only nations where petrol and diesel prices have reduced depute rising crude oil prices," says PM Modi.

"Energy sector is playing a big role in India’s growth story. EV demand is rising in India. India's primary energy demand will double by 2045," says PM Modi.

"In the first 6 months of FY24, India's GDP growth rate is 7.5%, outperforming global growth rates. Experts are convinced India will soon be one of top three economies of the world," says PM Modi.

"It's a matter of pride for us that India Energy Week is being held in Goa, which is full of energy. We have got together to deliberate on a sustainable future and Goa is a perfect destination for this," says Prime Minister Narendra Modi

"To help India strengthen its climate resilience, PM Modi committed to bring down carbon intensely by more than 45 percent by 2030 and achieving the target of net zero emissions by 2070."

"Several policy reforms have been taken by the government to remove the obstacles of investment and incentivize the oil and gas sector in line with making India initiatives," he says.

"My commitment to creating a pool of skilled workforce to the various efforts towards the skilling, rescaling and upskilling to cater to the various emerging sectors in the state," says Sawant.

"We are leading the way in electric vehicle adoption aiming for 100% EV penetration by 2027. Our initiatives in energy efficiency is a demonstration of our commitment to sustainable future. India Energy week presents unique opportunity for Goa to present its potential in energy sector," says Pramod Sawant, chief minister of Goa.

"Our flagship programs, along with global initiatives, such as the International Solar Alliance and the Global Biofuels Alliance, have not only caught the attention of our collaborators in other countries, but also elicited appreciation and support and adoption," says Hardeep Singh Puri, Union Minister of petroleum and natural gas at #IndiaEnergyWeek2024

"In just a year, the energy India energy week has become a prominent take on the global energy calendar We were able under your leadership to ensure that prices of energy in India, petrol diesel were in fact, not only amongst the lowest in the world, but over a two year period," says Hardeep Singh Puri

"Amongst the multiple crises that we and the world faces, one of the major challenges in the energy sector is to simultaneously address issues of availability affordability. and sustainability," says Hardeep Singh Puri, Union Minister of petroleum and natural gas at #IndiaEnergyWeek2024

Prime Minister Narendra Modi has officially inaugurated the India Energy Week 2024 in Goa. Earlier today, he inaugurated the ONGC Sea Survival Training Centre and attended a demo showcasing the training procedures.

PM Narendra Modi will inaugurate the Sea Survival Training centre in Goa today, February 6. The PM will attend a demo of sea survival training and safety drills.

India is likely to sign a multi-billion dollar deal to extend the import of 7.5 million tonne of LNG per year from Qatar for another 20 years beyond 2028 at rates that are lower than current prices, according to sources. Petronet LNG Ltd will sign the deal on February 6 on the sidlines of the India Energy Week in Goa, to extend the import contract with Qatar Energy.

Prominent foreign-government functionaries will speak at the IEW 2024 in Goa, according to a release by the Press Information Bureau. Speakers include petroleum ministers from Libya, Nigeria, and Sudan, and energy ministers from Ghana, Djibouti, and Sri Lanka, among others.

The top decision-maker body for the oil exporting countries, OPEC, will be represented by its secretary general Haithan Al Ghais. Hardeep Singh Puri, the Union Minister for Petroleum and Natural Gas & Housing and Urban Affairs, will be chairing multiple conferences and sessions at IEW.

The 4-day IEW 2024 will see 17 energy ministers from different countries, 35,000+ attendees, and more than 900 exhibitors participating in the event in Goa. IEW 2024 will have six dedicated country pavilions - Canada, Germany, Netherlands, Russia, the UK, and the USA. A special 'Make in India' pavilion will also feature in the event, showcasing innovative solutions thar Indian MSMEs are spearheading in the energy sector.

Officials from Organisation of Petroleum Exporting Countries (OPEC) and energy companies including Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Gail (India) Limited, and Cairn Oil and Gas would be present at the event

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has said there has been a 30-percent increase in the number of exhibitors for this year's event compared to 2023. The size of the venue has also increased by 25 percent, resulting in 46 percent increase in revenue, the minister added. The minister also said that the significant rise in private sponsorship has led to an 81 percent increase in total revenue from private firms. Private sponsors for IEW 2024 have increased by 44 percent from last year's edition. Puri added that IEW 2024 has 44 percent more session planned including 46 strategic sessions and 46 technical sessions, while the duration of the conference has been increased to four days from three days in 2023. Under technical sessions, Puri noted that the number of submission papers received has doubled from 1,000 for IEW 2023 to 2,000 for IEW 2024.

The IEW 2024 will largely address strategies to drive forward energy transition and enable collaborations for transfer of knowledge and technologies. The Centre said encouraging and fostering start-ups and integrating them into the energy value chain would also be an important focus for the 4-day event in Goa. Minister of Petroleum and Natural Gas Hardeep Singh Puri had said that IEW represents opportunity for India to showcase developments on the energy front and provide platform for further development and growth in the energy sector.

The Prime Minister will interact with leaders of the oil and gas industry and also hold a roundtable with global oil and gas CEOs and experts participating in IEW 2024 today, February 6. In addition to laying the foundation stone for differen projects in Viksit Bharat and Viksit Goa 2047 programme, he will also inaugurate the ONGC Sea Survival Centre.

Good morning, Moneycontrol viewers. Follow along as we provide live updates of the second edition of the India Energy Week. Prime Minister Narendra Modi will inaugurate IEW 2024 and is also expected to lay the foundation stone for projects worth Rs 1,300 crore. Follow along for live updates...

Good morning, Moneycontrol viewers. Follow along as we provide live updates of the second edition of the India Energy Week. Prime Minister Narendra Modi will inaugurate IEW 2024 and is also expected to lay the foundation stone for projects worth Rs 1,300 crore. Follow along for live updates...