Davos, Jan. 20 -- 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 a...