India hosts 16th International Energy Forum

The 16th International Energy Forum (IEF) ministerial meeting began in New Delhi, India on April 10, 2018. It would conclude on April 12.

The event was formally inaugurated by Indian Prime Minister Narendra Modi on April 11. The biennial IEF ministerial meeting is expected to witness the largest gathering of energy ministers, industry leaders and heads of key international organizations, who will debate the future of global energy.

Key Highlights

• The theme of the forum is "The Future of Global Energy Security: Transition, Technology, Trade and Investment”.

• The event would include informal dialogues, at both political and technical levels.

• The event is aimed at improving policy and investment decisions through increased knowledge and experience sharing.

• It is expected to witness participation from Petroleum Ministers from 42 nations across the world.

• Indian External Affairs Minister Sushma Swaraj would be delivering the valedictory speech at the concluding session on April 12.

• Apart from member countries, invitations have also been extended to 20 other countries where India has oil and gas engagements.

Significance

The forum will give India the opportunity to voice its concerns and discuss issues of cooperation with partner nations.

India has been demanding fair and priority pricing of oil and gas from its sources and the issue is likely to come up at the forum as well.

Background

The IEF has 72 member countries and they account for almost 90 per cent of the global supply and demand for oil and gas.

India is the third largest oil consumer in the world and it is projected to further fuel the global demand for crude in pursuance of its high speed growth rate.

International Energy Forum

• The forum is the world’s largest recurring gathering of energy ministers.

• Its participants not only include IEA and OPEC countries, but also key international players such as Brazil, China, India, Mexico, Russia, and South Africa.

• The IEF countries account for more than 90 percent of global oil and gas supply and demand.

• The 16th International Energy Forum Ministerial Meeting was hosted by India and co-hosted by China and Korea.

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