Davos [Switzerland], January 20 (ANI): Chairman of the Indian Oil Corporation Ltd (IOCL), A S Sahney, on Tuesday said stable global crude oil prices and India's strong economic growth are creating a favourable environment for both oil producers and consumers, while underlining the company's long-term focus on cleaner forms of energy.

'India is growing at a phenomenal rate, and everybody is interested in talking about doing business with India,' he said.

Speaking on the sidelines of the World Economic Forum (WEF) in Davos, Sahney said, 'Crude has been trading in the range of USD 60-65 per barrel over the past several months. For the better part of the last six months, they were at USD 60 or below. This is a good zone where economic growth is also happening and sellers of crude are comfortable.'

'India remains heavily dependent on imports to meet its energy needs, with IOCL importing about 85-87% of its crude oil requirements. The current price band is supportive for economic stability,' he said.

On refining margins, Sahney clarified that margins are not determined solely by crude prices. 'Refining margin is a very broad term. It is finally affected by the cracks in the international market. Today, cracks are working fine. They have returned to normalcy but are still in a healthy zone,' he said.

Addressing questions on Venezuela, Sahney said India does not import much crude from the country at present but could consider it in the future if supplies resume.

'We have processed Venezuelan crude earlier when it was available. Our refineries are robust and can process it in an admixed manner if and when it becomes available,' he said.

'Crude sourcing remains a purely commercial decision, noting that IOCL continues to buy cargoes from the US and Canada when they are economically viable. They are being bought just like crude from any other part of the world,' he said.

Sahney said the government has provided adequate support to the energy sector. 'There is no problem on the policy side. Whatever support is required has already been given. It is up to us to improve profitability by increasing efficiency, reducing costs and optimising the supply chain,' he said.

Looking ahead, Sahney said Indian Oil will continue to invest across the energy value chain, including downstream petrochemicals and cleaner energy solutions.

'A logical corollary is moving into cleaner forms of energy such as renewables, biofuels, sustainable aviation fuel and green hydrogen,' he added.

The 56th Annual Meeting of the World Economic Forum (WEF) is being held from January 19 to 23, 2026, at Davos-Klosters, with nearly 3,000 participants from over 130 countries, including a record number of world leaders, CEOs, innovators and policymakers, under the theme 'A Spirit of Dialogue.' (ANI)