If the sellers don't come to help then the reliability goes away."
India's oil secretary, Tarun Kapoor, said: "OPEC can very easily raise production and gain confidence of consumers.
Oil prices have to be predictable, dependable and stable, Puri said, adding that high prices may also affect producers in the long run. "If prices are not brought under control, global economic recovery could be fragile". Puri said high energy prices are affecting global economic recovery, stoking inflation and logistics costs. The United Arab Emirates is investing in boosting its oil and gas production, ADNOC's Jaber said, adding that the company would remain a trusted oil supplier to India. India imports 85% of its oil needs and buys most of this from Middle East producers. India is facing its worst power crisis in years and has been hit hard by rising oil prices, with local fuel prices surging to record highs and its trade deficit ballooning to the highest in at least 14 years. In addition to that is also the fact that the transition to green energy is also imposing a cost," said the Indian minister, Hardeep Singh Puri, at the CERA Week India Energy Forum. The oil minister of India, the world's third biggest oil consumer and importer, echoed Jaber's comments, while OPEC's secretary general said oil and gas needed to play a central role in the energy transition. NEW DELHI/LONDON, Oct 20 (Reuters) - The current energy crisis is a wake-up call for the need to invest more in the sector to avoid another energy supply crunch, Abu Dhabi National Oil Company (ADNOC) Chief Executive Sultan al-Jaber told a conference on Wednesday. Saudi energy min says world will continue to need fossil fuels OPEC chief says oil, gas must play key role in transition.High energy prices affecting global economic recovery -India min.
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