OPEC Sec-Gen appreciate India’s balanced, realistic and pragmatic approach towards energy issues
Minister of Petroleum and Natural Gas Hardeep Singh Puri has called on OPEC to continue playing its key role in maintaining and ensuring market stability for the benefits of consumers, producers and global economy.
Close ties between India and OPEC are not only essential but also natural, he said at the meeting co-chaired with Haitham Al Ghais, Secretary General of OPEC
India remains on a trajectory of stable and robust economic growth, fostering deeper collaboration for the mutual benefit of both parties has the potential to contribute significantly to the long-term prosperity and stability of the global oil markets, he underlined during the 6th High-Level Meeting of the India-OPEC Energy Dialogue which took place on 9 Nov 2023 at the OPEC Secretariat in Vienna.
India, Puri pointed out, is the third-largest energy consumer, crude oil importer and the fourth-largest global refiner.
The open and candid discussions at the Meeting focused on key issues related to oil and energy markets with a specific emphasis on ensuring availability, affordability and sustainability, which are necessary in ensuring the stability of energy markets, the Ministry of Petroleum and Natural Gas said on 13 Nov 2023.
“The two sides discussed the short, medium and long-term outlooks for the industry and recognized the important role of India in global economic growth and energy demand,” MoPNG said.
The sides noted the World Oil Outlook 2023, which forecasted that India would be the fastest-growing major developing economy, averaging long-term growth of 6.1% between 2022-2045 and to account for over 28% of incremental global energy demand during the same period.
The sides also noted the need for continued cooperation and dialogue in the interest of both producers and consumers while also exploring further areas for future cooperation.
In his remarks, Haitham Al Ghais noted, “The excellent state of the OPEC-India Dialogue also extends to the development of positive relationships between OPEC, its Member Countries and major Indian oil companies.
“OPEC’s relationship with India has continued to go from strength to strength,” said the Secretary-General, appreciating India’s balanced, realistic and pragmatic approach towards energy issues.
“The relationship between India and OPEC will be pivotal in the years to come, as the world seeks to foster global energy security, deliver energy affordability and reduce emissions,” he added.
The 6th High-Level Meeting of the India-OPEC Energy Dialogue concluded with both parties underscoring the importance of fostering enhanced cooperation between India and OPEC moving forward.
The next India-OPEC Energy Dialogue will be held in 2024 in India. Fiinews.com
