Global crude oil price of Indian Basket was US$ 63.07 per bbl on 03.06.2015

Global crude oil price of Indian Basket was US$ 63.07 per bbl on 03.06.2015

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$ 63.07 per barrel (bbl) on 03.06.2015. This was lower than the price of US$ 63.61 per bbl on previous publishing day of 02.06.2015.


In rupee terms, the price of Indian Basket decreased to Rs 4027.02 per bbl on 03.06.2015 as compared to Rs 4060.23 per bbl on 02.06.2015. Rupee closed weaker at Rs 63.85 per US$ on 03.06.2015 as against Rs 63.83 per US$ on 02.06.2015. The table below gives details in this regard:

Daily Crude oil price- 04.06.2015

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Meeting of the Petroleum Minister with his counterparts from Russia, Saudi Arabia, Iran, Qatar, Kuwait, Iraq, UAE, Angola and Venezuela on the margins of the 6th OPEC International Seminar.

The Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan met his counterparts from Russia, Saudi Arabia, Iran, Qatar, Kuwait, Iraq, UAE, Angola and Venezuela on the margins of the 6th OPEC International Seminar.

During his meeting with Russian Energy Minister Mr Alexander Novak, the two Ministers agreed to expand bilateral energy cooperation. It was agreed to conduct a Joint Study at an early date for exploring feasibility of crude and gas pipelines from Russia to India. India showed interest to import LNG and crude from Russia. The two sides also reviewed existing Indian investment projects in Russia and discussed possibility of working together in exploration and production sector.

Shri Pradhan met Prince Abdul Aziz Bin-Salman, Deputy Crown Prince and Minister of State for Petroleum of Saudi Arabia. During the meeting, Shri Pradhan reiterated the need to intensify bilateral energy engagements between India and Saudi Arabia from a “buyer-seller” relationship to that of an “Energy Partnership”. The two Ministers agreed to explore and identify concrete avenues of energy cooperation between the two countries.

During his meeting with Minister of Petroleum of Iran Mr Bijan Namdar Zangenah the two Ministers discussed about Indian involvement in exploration and production projects in Iran and possibility of building gas pipeline from Iran to India through various alternate routes.

Shri Pradhan met Minister of Energy & Industry of Qatar Mr Mohammed Bin Saleh Al-Sada. They discussed the existing bilateral issues including supply of long-term LNG supply to India. They also discussed the global scenario of LNG market and recent changes in it.

During his meeting with Minister of Oil of Kuwait Dr. Ali Saleh Al-Omair, Shri Pradhan invited investment from Kuwait in Indian refining and petro-chemical sector. The Kuwait side showed interest in these projects.

Shri Pradhan discussed broad range of issues with Minister of Oil of Iraq Mr Adil Abd Al-Mahdi. Iraq is second biggest source of crude oil for India. Possibility of Indian public and private sector involvement in Iraqi hydrocarbon sector was also discussed.

During his meeting with Minister of Energy of UAE Mr Suhail Mohamed Al Mazrouei, Shri Pradhan highlighted the possibility of collaboration in all streams of hydrocarbon sector between India and UAE including in skill development and service sector. It was agreed to have regular interaction between the two sides to take the energy cooperation forward.

Shri Pradhan met Minister of Petroleum of Angola Mr Jose Maria Botelho Vasconcelos. He proposed that Indian public and private sector companies would like to invest in upstream and LNG sector of Angola. The two sides agreed to identify concrete projects of cooperation at an early date.

During his meeting with Minister of Popular Power of petroleum and Mining Mr Asdrubal Chavez J. Shri Pradhan proposed to set up a joint mechanism to settle all outstanding commercial issues. The Venezuela side agreed to consider this. It may be mentioned that Venezuela is the 3rd biggest source of crude import for India and ONGC Videsh Ltd has investment in oil blocks in Venezuela.

Shri Pradhan also met the Executive Director of International Energy Agency (IEA) during which they agreed to advance cooperation in various sectors of oil and gas.

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Meeting of the Petroleum Minister Shri Dharmendra Pradhan with the Secretary General, OPEC for setting up a regular Institutional Dialogue between India and OPEC

The Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan, met Mr. Abdalla Salem El-Badri, Secretary General, OPEC today on the sidelines of the 6th OPEC International Seminar held at Hofburg Palace, Vienna.

The two sides agreed to:

a.) Set up a regular Institutional Dialogue between India and OPEC at the level of Minister/Secretary General;

b.) The Dialogue will take place every year, alternatively in India and at Vienna, and will look at various avenues of cooperation in the oil and gas sector;

c.) The first meeting will take place in New Delhi in the last quarter of 2015 on a date mutually convenient to both sides.