NEW YORK, April 6 (UPI) -- U.S. supermajor Exxon Mobil and others are showing interest in examining the resource potential in India, the India petroleum minister said in New York.
Indian Petroleum Minister Murli Deora met in New York City with executives from Exxon Mobil, saying the response was "good" and several deals may be forthcoming, Indian newspaper The Hindu reports.
Deora held discussions with Exxon Mobil and several other U.S. oil and gas companies following his visit to Mexico to attend the International Energy Forum last week.
Delegates at the IEF noted that huge fluctuations in crude oil prices in the past few years were a sign that intervention was needed.
Oil prices approached $150 per barrel in July 2008 before collapsing to $30 six months later. A decision by major oil producers to control output is creating some stability, however.
Philip Hunt, the British minister for energy and environment, said in Cancun that previous fluctuations were a "wake-up call" because of the ripple effect oil prices have on the world economy.
Deora, for his part, welcomed the recognition that volatility in the crude oil market was having a negative impact on a litany of issues.
"We do hope that there won't be extreme volatility and we think the producers also realize that it affects them very much," he said. "We are happy that everybody is aware that price volatility cannot continue."
