Energy ministers from five major energy consuming nations, including India, commenced their first-ever meeting in Beijing on Saturday, aiming to forge unity among themselves so as to ensure stable oil prices, vital for their energy security and continued growth.
The one-day meeting is expected to issue a Joint Statement, urging the key oil producing countries to step up their investment and expand oil supply capacities to ensure adequate supplies for all.
The meeting is also expected to issue a call to the international community to work together to send a clear signal to the oil market so as to enhance market transparency and curb excessive speculation to maintain stability.
Minister for Petroleum and Natural Gas, Murli Deora is representing India at the meeting, organised by China's National Reform and Development Commission (NDRC). Indian Ambassador to China, Nirupama Rao and other senior officials from the Ministry of Petroleum and Natural Gas.
Apart from India, the other four participants are China, the United States, Japan and South Korea.
China, the United States, Japan, South Korea and India consume nearly 45.5 per cent of the world's 3.77 billion tonnes of oil. But hikes in the oil price are constraining their economic development.