Showing a major shift in the global oil and gas scenario, three consumer nations India, China and South Korea are set to co-host the International Energy Forum (IEF) in Delhi till April 12 and the event will be inaugurated by Prime Minister Narendra Modi on 11 April 2018.
According to a recent report by the International Energy Agency (IEA), India and China are set to contribute nearly 50 per cent of the increase in global oil demand in the next five years. Despite 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. Though 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.
Its 72 member countries are signatories to the IEF Charter, which outlines the framework of the global energy dialogue through this inter-governmental arrangement. Apart from them, 20 countries are also participating in this meeting as special invitees.
Hosted by India and co-hosted by China and Korea, IEF16 aims to focus on how global shifts, transition policies and new technologies influence market stability and future investment in the energy sector. Dialogue among Ministers and industry leaders on how energy security and system resiliency will evolve along energy transition pathways, and meet global economic, demographic, and environmental challenges, will help secure an energy future that remains affordable, productive, sustainable and fair to all.