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Davos 2020: India can benefit from foreign investors by opening up energy markets, says IEA’s Fatih Birol

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  • “For the next six months, we see at least 1 million barrels per day (mbpd) surplus of production. So there is no worry about lack of oil and therefore, it should be a comfortable market,” he added.

Crude demand is not high due to weakening of global economy, said Fatih Birol, executive director of International Energy Agency (IEA) from the sidelines of the annual meeting of the World Economic Forum (WEF) in Davos.

“For the next six months, we see at least 1 million barrels per day (mbpd) surplus of production. So there is no worry about lack of oil and therefore, it should be a comfortable market,” he added.

On India, Birol said: “India is doing very good—both in terms of oil and coal sector opening up. More India opens up with its economy, more investments will go to India because India’s economy may have zigzags but the overall trend is growing with huge population growth and potential.”

He added: “India can benefit from foreign investors, which I can see a lot of interest, when it opens its energy markets — oil, coal, power and everything else.”

Source
CNBC
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