Prime Minister Narendra Modi during the 16th International Energy Forum Ministerial in New Delhi on Wednesday. Extreme volatility has marked crude oil prices, hitting a record $147 per barrel in July 2009. Experts believe global oil prices will remain firm with Opec looking to extend its cooperation with Russia on production cuts. He said that the global energy consumption growth has shifted to non-Organisation for Economic Co-operation and Development countries, West Asia and Africa with solar photovoltaic being the most economical of all energy sources. India has also been recalibrating its crude sourcing strategy and sourcing heavy crude from Latin America as part of its strategy to become a preferred refining hub.

Source: Mint April 11, 2018 12:00 UTC