The discussions spanned the short, medium, and long-term outlooks for the industry, acknowledging India’s pivotal role in global economic growth and energy demand…reports Asian Lite News
India, positioned as the world’s third-largest oil consumer, has urged the Organisation of the Petroleum Exporting Countries (OPEC) to ensure and maintain stability in the oil market for the collective benefit of consumers, producers, and the global economy. India’s Petroleum Minister Hardeep Singh Puri said this during the 6th India-OPEC Energy Dialogue held on November 9 in Vienna.
The high-level meeting, co-chaired by OPEC Secretary General Haitham Al Ghais and Minister Puri, featured “open and candid” discussions centering on crucial aspects of oil and energy markets, with a particular focus on guaranteeing “availability, affordability, and sustainability” to secure the stability of energy markets. The discussions spanned the short, medium, and long-term outlooks for the industry, acknowledging India’s pivotal role in global economic growth and energy demand.
Minister Puri emphasised the vital nature of the close ties between India and OPEC, underscoring India’s status as the third-largest energy consumer, a significant crude oil importer, and the fourth-largest global refiner. He pointed out that fostering deeper collaboration between India and OPEC has the potential to significantly contribute to the long-term prosperity and stability of global oil markets. In this context, he urged OPEC to persist in playing a key role in maintaining market stability for the benefit of consumers, producers, and the global economy.
Both sides took note of the World Oil Outlook 2023, which predicted India’s role as the fastest-growing major developing economy, projecting an average long-term growth of 6.1 percent between 2022 and 2045, accounting for over 28 percent of incremental global energy demand during the same period. Recognizing the importance of continued cooperation and dialogue, the meeting aimed to explore further areas for future collaboration, emphasizing the mutual interests of producers and consumers.
Secretary General Ghais commended India’s “balanced, realistic, and pragmatic” approach to energy issues, highlighting the positive relationships developed between OPEC, its member countries, and major Indian oil companies. He expressed optimism about the pivotal role of the India-OPEC relationship in fostering global energy security, ensuring energy affordability, and reducing emissions in the coming years.
The meeting concluded with a shared understanding of the necessity to enhance cooperation between India and OPEC, with plans to convene the next meeting of the India-OPEC Energy Dialogue in India during 2024, reinforcing the commitment to sustained collaboration and stability in the global energy landscape.
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