Updated By: LatestGKGS Desk
PM Narendra Modi Inaugurated 16th IEF Ministerial Meeting in New Delhi
PM Narendra Modi Inaugurated 16th International Energy Forum Ministerial Meeting in New Delhi
Prime Minister Narendra Modi has inaugurated the 16th International Energy Forum (IEF) Ministerial Meeting on 11th April 2018 in New Delhi. The 16th IEF Ministerial Meeting is a two-day conference scheduled to be held from 11th April to 12th April 2018.
The 16th IEF Ministerial Meeting is the largest gathering of Ministers from energy consuming, producing and transit countries. The 16th IEF Ministerial Meeting is being hosted by India and co-hosted by China and South Korea.
The 16th IEF Ministerial Meeting main aim is to focus on how global shifts, transition policies and new technologies influence market stability and future investment in the energy sector.
The 16th IEF Ministerial Meeting will feature Ministers, Industry leaders and heads of key international organizations who will debate on the future of global energy.
Background
According to a recent report by the International Energy Agency (IEA), India and China are set to contribute nearly 50 % of the increase in global oil demand in the next five years.
Being the major consumers, Asian countries were paying a price of up to $6 a barrel more than the US or European refiners to the West Asian producers
Although the issue was raised many times by India in global platforms, it still remains a concern. Global demand is expected to grow at an annual rate of 1.2 million barrels per day (mbd) till 2023, as the oil demand will reach 104.7 mb per day, up 6.9 mb per day from 2018.
