OIL & GAS

70 per cent decline in oil, gas demand but India able to fill its strategic reserves of petroleum products: Pradhan

India has seen almost 70 per cent decline in oil and gas demand but has been able to fill its strategic reserves of petroleum products, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Monday.

Pradhan held a social media live conversation to address the concerns of people in the wake of situation created by COVID-19. Responding to a question on oil price and demand, he said the world is seeing reduction in demand due to the COVID-19 pandemic and lockdown.

“India has also seen almost 70 per cent decline in oil and gas demand. The oil and gas sector is going through unprecedented challenges. Despite challenges, our refineries are operating, supply chain working. India has been able to fill its strategic reserves of petroleum products. Our oil companies have procured almost 7 MMT oil at low prices.

Almost 20 per cent of our demand has been stored. This has also led to reduced import bill which will help us free more resources for public welfare measures,” he said.

The minister answered questions sent by people through social media.

Asked about advice to job aspirants post lockdown, he said digital literacy will become more and more important and newer jobs will be created.

Source
ET Energy World
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