India is expected to account for over 28 per cent of incremental global energy demand during the same period. Both sides emphasised the need for continued cooperation and dialogue, exploring further areas for future collaboration in the interest of producers and consumers

India, ranking as the world’s third-largest oil consumer, has called on the OPEC (Organization of the Petroleum Exporting Countries) to uphold market stability for the collective benefit of consumers, producers, and the global economy. Oil Minister Hardeep Singh Puri conveyed this message during the 6 India-OPEC Energy Dialogue that occurred in Vienna on 9 November, as revealed in an official press statement on Monday.

The meeting, co-chaired by OPEC Secretary General Haitham Al Ghais and Minister Puri, centered on open and candid discussions concerning key issues within oil and energy markets. The focus was specifically on ensuring availability, affordability, and sustainability, crucial factors for energy market stability. The discussions covered short, medium, and long-term outlooks for the industry, recognising India’s significant role in global economic growth and energy demand.

Puri, highlighting India as the third-largest energy consumer, crude oil importer, and the fourth-largest global refiner, emphasised the essential and natural ties between India and OPEC. With India on a trajectory of stable economic growth, Puri advocated for deeper collaboration, emphasising its potential to contribute significantly to the long-term prosperity and stability of global oil markets. In this context, he urged OPEC to continue its pivotal role in maintaining market stability for the benefit of consumers, producers, and the global economy.

The World Oil Outlook 2023, noted during the meeting, forecasted India as the fastest-growing major developing economy, with an average long-term growth of 6.1 per cent between 2022 and 2045. India is expected to account for over 28 per cent of incremental global energy demand during the same period. Both sides emphasised the need for continued cooperation and dialogue, exploring further areas for future collaboration in the interest of producers and consumers.

Haitham Al Ghais acknowledged the positive relationships developed between OPEC, its member countries, and major Indian oil companies, expressing appreciation for India’s balanced and pragmatic approach to energy issues. The secretary general noted that the relationship between India and OPEC would be pivotal in the years ahead as the world seeks to enhance global energy security, ensure energy affordability, and reduce emissions.

The meeting concluded with both parties underscoring the importance of fostering enhanced cooperation between India and OPEC. It was agreed to convene the next meeting of the India-OPEC Energy Dialogue in 2024 in India.

(Inputs from PTI)