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Prime Minister Narendra Modi did some plain speaking at the 16th International Energy Forum today by asking oil producers to not jack up the prices artificially.
Measures taken by producers to artificially jack up the prices of crude oil and gas are detrimental for both producers and consumers, Modi said.
In his inaugural address, Modi said, “It is in the interest of producers that other economies are growing. Efforts at artificially fixing prices are detrimental, especially for those at the bottom of the pyramid.”
“We are entering into an era of energy abundance,” he added.
Also speaking at the event, Saudi Energy Minister, Khalid Al-Falih said, “OPEC and its partners are sustaining production cut agreement. Saudi Arabia and Russia are considering extending coordination for monitoring oil market. This is good news for producers.”
“The future supply situation from many resources is not very assuring. Particularly for crude oil,” Falih added.
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