CERAWeek Conference 2021 focused on the road to net zero carbon by 2050. India's Oil Minister Dharmendra Pradhan, citing rising prices, said that the country will do its part by scouting for alternative paths and energy sources, including green hydrogen.

The minister also said that fuel demand is recovering to pre-pandemic levels while insisting that the OPEC should work towards reasonable and responsible oil prices.

India currently imports 84 percent of its oil requirement of which 60 percent comes from Middle East countries.

Globally, the pandemic saw oil demand fall by about 20 percent in 2020.

Speaking to CNBC-TV18's Manisha Gupta, Daniel Yergin, vice chairman of IHS Markit said that he expects the world oil demand to get back to 2019 levels by the year 2022.

Yergin said, "Probably early in 2022 world oil demand will get back to where it was in 2019 as economies recover around the world."

"India is now seen as the new global growth market for oil. As the Indian economy grows, oil demand will go up. However, I think the energy mix is going to be more diversified, there is going to be a role for biofuels," he said.

Yergin does not believe that commodities are in a super-cycle kind of situation.

He said, "There is some discussion about a commodity super-cycle, but I do not think we are in that kind of a situation. However you got to keep your eyes on the level of investment, particularly the longer term investments."

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(Edited by : Aditi Gautam)