Having been forced to revise its economic growth targets, India on Wednesday voiced concern over volitality in international oil prices saying the same was not in the interest of either buyers or sellers.
"In the last few months, we have seen great turbulence in the oil sector with oil prices touching historic highs and then declining to unexpected lows," Petroleum Minister Murli Deora said at a special ministerial session at the Petrotech 2009 conference here.
Crude oil prices in July last year rose to a historic high of $147 and then plumetted to four-year low of $37 per barrel, all in just four months time.
"This is not desirable and is neither in the interest of (oil) buyers nor sellers," he said. "It is imperative that risks in the oil and gas sector must be more carefully managed."
Deora stressed on cooperation and transparency between buyers and sellers. "I feel that the time has come for all of us to collectively work to ensure global energy security in partnership and to realise the visison of a secure, sustainable, equitable, efficient and productive global energy market."
He said the global financial crisis which was the primary reason for the slump in international oil prices, has forced India to revise growth targets.
"The world is facing the most challenging financial crisis in many decades. Because of the close inter-linkage between the nations in a globalised world, almost every economy has been affected in some measure," he said.
Stressing that Indian oil and gas sector presented a tremendous investment opportunity, Deora said more-than-half of the country's sedimentary basins have not been explored so far.
"By 2015, the entire area of the country is expected to be under exploration.