*  *  *  Shri Sridharan, Chairman, FEDAI, Ladies and Gentlemen I am happy to be here today with the members of the Foreign Exchange Dealers Association of India, popularly known as FEDAI in the industry. FEDAI completes 50 years in 2008 and the Reserve Bank and FEDAI have shared a unique and symbiotic relationship all these years.
The significant reductions in oil investment since late 2014 could leave future increases in global demand unmet, putting upward pressure on prices and drawing investment back into the sector. The level of prices that would balance the oil market in the medium term is still highly uncertain, particularly since technical improvements and other efficiency gains by oil-producing firms have lowered their costs of production.