The 16th International Energy Forum Ministerial (IEF16) is being hosted by India and was inaugurated by the Prime Minister Shri Narendra Modi on 11th April 2018.
- IEF16 is the largest gathering of Energy Ministers from across the globe, industry leaders and heads of key international organizations who will debate the future of global energy.
- This Ministerial Meet holds a great significance as India’s energy needs are primarily met through imports, with India importing 214 million tonnes of crude oil in 2016-17.
- Apart from the 72 members of the IEF, 20 countries are also participating in this meeting as special invitees.
Background
- India is the third largest consumer of energy after the US and China.
- IEF16 comes in the backdrop of a supply cut by OPEC (Organization of the Petroleum Exporting Countries) and Russia that has led to a rally in global oil price.
- This has resulted in an increase in the cost of Indian basket of crude which has its average price at around $ 63.80 as compared to $ 47.56 in 2016-17.
Aim
The International Energy Forum (IEF) aims to foster greater mutual understanding and awareness of common energy interests among its members. It has 72 members which are signatories to the IEF Charter. The IEF Charter outlines the framework of the global energy dialogue through this inter-governmental arrangement.Highlights
- IEF16 is hosted by India and co-hosted by China and Korea.
- Accounting for around 90% of global supply and demand for oil and gas, IEF comprises not only consuming and producing countries of the IEA and Opec, but also Transit States and major players outside of their memberships, including Argentina, China, India, Mexico, Russia and South Africa.
- India fulfils the needs of the sellers for a steady and stable buyers’ market.
- India has already been promoting a gas based economy. India is the fourth largest importer of LNG (Liquefied Natural Gas). India imported 19 million metric tonnes of LNG in 2016-17.
- IEF16 delegates are invited to consider how global market shifts and energy transition will shape the future of energy security.
