Mr. N.K. Bansal, Director (Oil Refining & Marketing), PetroFed welcomed the participants.

The oil market scenario and outlook was comprehensively covered through a presentation by Mr. Beningni. He opined that oil & gas will continue to occupy centre stage in energy basket in midterm. Although prices seem to have bottomed out, the price is likely to remain range bound to $50 per barrel in 2016. Effectiveness of proposed collaboration between Saudi Arabia, Russia and others to freeze production need to be watched. For Natural Gas, Oil related contract in Asia may remain in near future. China moving away from coal will support LNG price. Increasing availability from Australia will reduce dependency on Middle East for LNG.

The presentation was followed by an active Q&A Session.

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