Global Crude oil price of Indian Basket was US$ 58.92 per bbl on 30.10.2017

Global Crude oil price of Indian Basket was US$ 58.92 per bbl on 30.10.2017
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$ 58.92 per barrel (bbl) on 30.10.2017. This was higher than the price of US$ 57.92 per bbl on previous publishing day of 27.10.2017.

In rupee terms, the price of Indian Basket increased to Rs. 3826.21 per bbl on 30.10.2017 as compared to Rs. 3770.27 per bbl on 27.10.2017. Rupee closed stronger at Rs. 64.93 per US$ on 30.10.2017 as compared to 65.09 per US$ on 27.10.2017. The table below gives details in this regard:
Price on October 30, 2017 (Previous trading day i.e. 27.10.2017)
Crude Oil (Indian Basket)
   58.92                         (57.92)
  3826.21                   (3770.27)
Exchange Rate
   64.93                         (65.09)

Daily Crude Oil Price
Shri Dharmendra Pradhan to attend 7th Asia Ministerial Energy Roundtable in Bangkok, Thailand
The Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan will be on an official visit to Bangkok,Thailand from 01-02nd November 2017 to participate in the IEF 7thAsian Ministerial Energy Roundtable (AMER7). India is the current chair of International Energy Forum (IEF) which is promoting the AMER - a biennial event bringing together Energy Ministers and experts from Asian countries.

At the 7th AMER, Minister will participate in the Ministerial Roundtable and speak on “Natural Gas: Overcoming Market and Policy Hurdles to the Golden Age of Gas” along with Energy Ministers from Ministers Qatar, Brunei and Senior Representatives from Ministry of Economy, Trade and Industry (METI) of Japan and Economic Research Institute for ASEAN and East Asia (ERIA). Energy Ministers from Saudi Arabia, Russia, UAE, Thailand, Iraq, Qatar, Kuwait, Bangladesh, Malaysia and Brunei are also participating in the AMER.

In the recent years, India has played a leadership role in Oil and Gas sector. On 18th October 2017, Minister Pradhan participated in the 6th Annual LNG Producers Consumer Conference held in Tokyo, Japan and called for establishing a Liquid, Flexible and Global LNG Market between the countries providing a framework to cooperate in facilitating flexibility in LNG contracts, abolition of Destination Restriction Clause and also explore possibilities of cooperation in establishing reliable LNG spot price indices reflecting true LNG demand and supply. Shri Pradhan, during his meetings and interactions with OPEC Secretary General, has called for replacing the ‘Asian Premium’ with ‘Asian Discount’. He has emphasized the implementation of ‘Responsible and Reasonable Pricing’ by producing countries.In this background, the IEF, whose membership accounts for 90% of global supply and demand for oil and gas, is an important forum to share India’s views on global oil and gas scenario and the changes that are required to balance it better and benefit not only producers, but also consumers. The 7th AMER at Bangkok will be an important IEF event before India hosts the 16th IEF Ministerial meeting.

India is the current Chair of IEF and will host the 16th Ministerial Conference of the IEF in India schedule during April 2018. During his participation in the 7th AMER, Minister Pradhan will invite his counterparts from Asian countries to participate in the prestigious 16th IEF Ministerial Conference in India.

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