From being predominantly a sellers market, the global energy space is seeing a shift where buyers are playing a crucial role. Acknowledging that easy access to affordable energy affects all, the G-20 presidencies have decided for the first time to have a separate ministerial for the sector starting this year.
Sources closely associated with the development said, “there is a need felt to have a neutral international body for the energy sector as economies across the globe recognised the importance of various energy sources. Till now the bodies have been need based — OPEC which caters mainly to the producing nations or International Energy Agency (IEA) that was initially dedicated to counter the supply disruptions in wake of oil crisis in the seventies.”
The meeting of the G-20 energy ministers is scheduled on October 2 in Turkey. Some of the issues which will be discussed at the meeting include energy infrastructure and pricing with particular reference to countries such as India, China, Indonesia and those in Latin America.
It is felt that large consumers like India and China could play a bigger role in G-20 as the grouping seeks to set up a permanent body to address the concerns of the sector including focus on infrastructure and pricing, said Narendra Taneja, Energy Expert and BJP leader.
At a recent meeting of OPEC (Organisation of Petroleum Exporting Countries), the Minister of State (Independent Charge) for Petroleum and Natural Gas, Dharmendra Pradhan, had said “…there is a need for greater dialogue and cooperation between buyer-seller nations to ensure sustainable development. Global partnership between buyer and seller nations would ensure stability, security and sustainability through mutual inter-dependence”.