Global crude oil price of Indian Basket was US$ 56.04 per bbl on 07.04.2015

Global crude oil price of Indian Basket was US$ 56.04 per bbl on 07.04.2015

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$ 56.04 per barrel (bbl) on 07.04.2015. This was higher than the price of US$ 54.77 per bbl on previous publishing day of 02.04.2015.


In rupee terms, the price of Indian Basket increased to Rs 3492.97 per bbl on 07.04.2015 as compared to Rs 3404.50 per bbl on 06.04.2015. Rupee closed weaker at Rs 62.33 per US$ on 07.04.2015 as against Rs 62.16 per US$ on 06.04.2015.

 The table below gives details in this regard:

Daily Crude oil price- 08.04.2015  


*********

Official Visit of Petroleum Minister to Mozambique

The Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan is on a 3-day official visit to Mozambique. During the visit he will have bilateral meetings with his counterpart and other leaders. He will also interact with the captains of oil and gas industry and associated sectors of Mozambique.

Mozambique is a resource rich friendly country in Eastern Africa with which India enjoys warm political and robust economic and trade relationship. Indian public and private sector companies are present in that country in various sectors including in oil & gas, automobile, port and other infrastructure building. Public sector oil & gas companies have made substantial investment in Mozambique.

A business delegation led by CII will be accompanying the Minister during the visit and will have interactions with the government and industry of Mozambique to explore ways to strengthen business to business ties.

During the visit Shri Pradhan will , among other things, discuss ways to expand and strengthen energy cooperation between the two countries.

*********

Inauguration of 12th International Joint Organization Data Initiative (JODI)

Shri Saurabh Chandra, Secretary, Ministry of Petroleum and Natural Gas, Govt. of India today inaugurated the 12th International Joint Organization Data Initiative (JODI) Conference. The conference is being held from 8th to 10th April, 2015. It is being attended by officers of International Organizations dealing the energy sector, participants from 25 Countries and Indian participants from across the energy sector.

Secretary, PNG while welcoming the participants, appraised the gathering about the reforms that have taken place in the Indian oil and gas sector in the last few months. He emphasized the need for data collection and collation for working towards energy security. He congratulated JODI on its role in the same.

In the late 1990s, Energy Ministers identified the lack of transparent and reliable oil statistics as a key contributor to oil price volatility. Producers and consumers alike stepped up efforts to improve the availability and reliability of oil data, and Ministers at the 7thInternational Energy Forum in Riyadh urged a global response to the challenge of greater transparency. Six international organizations -
 -APEC(Asia-Pacific Economic Cooperation), Eurostat(Statistical Office of the European Communities), GECF (Gas Exporting Countries Forum), IEA (International Energy Agency), OLADE (Latin American Energy Organization), OPEC(Organization of the Petroleum Exporting Countries) &UNSD (United Nations Statistics Division) combined their efforts, involved their Member Countries and in April 2001 launched the Joint Oil Data Exercise. The primary goal was to raise awareness among oil market players about the need for more transparency in oil market data. The first priority of the six organizations was to assess the oil data situation in their respective member countries. Today there are over 70 participating countries in JODI, representing 90% of global oil supply and demand.