Global Crude oil price of Indian Basket was US$ 55.33 per bbl on 01.03.2017

Global Crude oil price of Indian Basket was US$ 55.33 per bbl on 01.03.2017

The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 55.33 per barrel (bbl) on 01.03.2017. This was higher than the price of US$ 54.85 per bbl on previous publishing day of 28.02.2017.

In rupee terms, the price of Indian Basket increased to Rs. 3698.40 per bbl on 01.03.2017 as compared to Rs. 3660.78 per bbl on 28.02.2017. Rupee closed weaker at Rs. 66.85 per US$ on 01.03.2017 as compared to Rs. 66.74 per US$ on 28.02.2017. The table below gives details in this regard:

Price on March 01, 2017 (Previous trading day i.e. 28.02.2017)                                                                  
Pricing Fortnight for 01.03.2017
(Feb 14, 2017 to Feb 24, 2017)
Crude Oil (Indian Basket)
                  55.33             (54.85)       
                 3698.40        (3660.78)       
Exchange Rate
                  66.85              (66.74)


Visit of Petroleum Minister to USA

Shri Pradhan to deliver keynote speech at MIT Energy Conference on “Balance of Power – Changing Energy Paradigm” in Boston

Minister to participate in annual CERA Week; To have b/l meetings with visiting Petroleum Ministers

To showcase India’s Hydrocarbon sector and policy reforms at the World’s largest Hydrocarbon Conference (CERA Week)

Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan will be visiting Boston and Houston, USA from 3-7 March 2017 along with a delegation comprising CEOs of Public Sector Oil and Gas companies. 

During his visit to Boston from 3-4 March, Shri Pradhan will deliver a keynote speech at the Massachusetts Institute of Technology (MIT) Energy Conference on the theme Balance of Power-the Changing Energy Paradigm. He will address to students at Harvard Kennedy School on the subject India’s Petroleum and Natural Gas Policy.  At Fletcher Energy and Environment Club of Tufts University, Shri Pradhan will interact with students on Challenges in Petroleum and Natural Gas sector in the context of Paris Agreement and India's commitment on climate change. He will also be meeting the Mayor of City of Boston and interact with Indian community. 

The Minister will also participate in the annual CERA Week – International Conference on Oil and Gas from 5-7 March. At the Conference he will be speaking at the Ministerial Plenary and in several other platforms. Shri Pradhan is scheduled to have several bilateral meeting with visiting Petroleum Ministers, including from Canada, UAE, Israel, USA, Nigeria, Saudi Arabia, Russia and also Secretary General of International Energy Agency (IEA). He will also be meeting and exchanging views with renowned experts from hydrocarbon sector, including Dr Daniel Yergin and Mr Bob Dudley, Group Chief Executive of BP. During his stay in Houston he will interact with Indian origin scientists and CEOs working in the oil and gas sector and Indian community members.

Petroleum Minister will showcase India’s hydrocarbon sector and the recent policy reforms under leadership of Prime Minister Narendra Modi at CERA Week, which is world’s largest hydrocarbon conference. He will interact with Ministers, policy makers, technologists, scientists, planners and management experts, entrepreneurs, service providers and vendors in order to attract investment into India’s growing oil and gas sector. 

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