The 6th High-Level Meeting of the India-OPEC Energy Dialogue, held at the OPEC Secretariat in Vienna, marked a pivotal moment in the ongoing collaboration between India and the Organization of the Petroleum Exporting Countries (OPEC). Co-chaired by Haitham Al Ghais, Secretary General of OPEC, and Hardeep Singh Puri, Minister of Petroleum and Natural Gas for the Government of India, the meeting focused on crucial issues pertaining to global oil and energy markets.
The discussions, characterized by openness and candour, underscored the shared commitment to ensuring the availability, affordability, and sustainability of energy—a triad deemed essential for fostering stability in energy markets worldwide. The dialogue encompassed short, medium, and long-term outlooks for the industry, recognizing India’s pivotal role in global economic growth and its substantial contribution to energy demand.
One significant highlight was the acknowledgment of the World Oil Outlook 2023, forecasting India as the fastest-growing major developing economy. The report projected an average long-term growth of 6.1% between 2022-2045, with India accounting for over 28% of incremental global energy demand during the same period. Both parties recognized the need for continued cooperation and dialogue, emphasizing the importance of collaboration for the benefit of both producers and consumers.
In his remarks, Haitham Al Ghais praised the positive relationships between OPEC, its member countries, and major Indian oil companies, noting the strengthening ties between OPEC and India. He commended India’s balanced, realistic, and pragmatic approach to energy issues, stating that the OPEC-India relationship would be pivotal in fostering global energy security, affordability, and emissions reduction.
“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,” stated Secretary General Haitham Al Ghais. He also lauded India’s G20 Presidency, the Chandrayan mission, and its leadership role in addressing global issues.
Hardeep Puri, India’s Minister of Petroleum and Natural Gas, highlighted the natural and essential ties between India and OPEC. As the third-largest energy consumer, crude oil importer, and the fourth-largest global refiner, India’s stable economic growth trajectory further emphasizes the importance of collaboration. Puri called on OPEC to continue its key role in maintaining market stability for the benefit of consumers, producers, and the global economy.
The meeting recognized the progress achieved under the dialogue framework, including technical and research collaboration. Experts from both India and OPEC had recently convened under the 5th Technical Meeting of the India-OPEC Energy Dialogue in October 2023 via videoconference.
