The sixth high-level meeting of the India-OPEC Energy Dialogue witnessed the convergence of key stakeholders addressing critical issues in the oil and energy markets. Chaired by Haitham Al Ghais, Secretary-General of OPEC, and Hardeep Singh Puri, Minister of Petroleum and Natural Gas, the discussions revolved around ensuring the availability, affordability, and sustainability of energy—a fundamental prerequisite for market stability.
The meeting delved into short, medium, and long-term outlooks for the industry, recognizing India’s pivotal role in global economic growth and energy demand. According to the World Oil Outlook 2023, India is projected to be the fastest-growing major developing economy, contributing over 28% of incremental global energy demand between 2022-2045. The participants underscored the need for ongoing cooperation to address the interests of both producers and consumers, exploring new avenues for future collaboration.
Haitham Al Ghais commended India’s realistic and pragmatic approach to energy issues, emphasizing the positive relationships between OPEC, its member countries, and major Indian oil companies. He highlighted the significance of the OPEC-India relationship in fostering global energy security, ensuring affordability, and reducing emissions.
India’s G20 Presidency and its achievements, including the Chandrayaan mission, were praised by Haitham Al Ghais. He acknowledged India’s leadership role in addressing global issues and the success of this year’s G20 discussions on key energy matters.
With India being the third-largest energy consumer, crude oil importer, and the fourth-largest global refiner, Hardeep Singh Puri underscored the natural and essential ties between India and OPEC. He called on the OPEC to play a crucial role in maintaining market stability for the benefit of consumers, producers, and the global economy. As India continues on a path of stable economic growth, deeper collaboration between India and OPEC is deemed vital for long-term prosperity and stability in global oil markets.
The meeting reflected on the progress achieved under the dialogue, including technical and research advancements. The 6th High-Level Meeting concluded with a mutual commitment to fostering enhanced cooperation, with plans for the next meeting scheduled for 2024 in India. The ongoing collaboration aims to address the evolving dynamics of the energy landscape and promote shared interests between India and OPEC.