India urges OPEC to ensure oil market stability

India, the world's third-largest oil consumer, has called on the OPEC (Organization of the Petroleum Exporting Countries) to uphold market stability for the benefit of consumers, producers, and the global economy. The plea was made by Oil Minister Hardeep Singh Puri during the 6th India-OPEC Energy Dialogue held on November 9 in Vienna, co-chaired by OPEC Secretary General Haitham Al Ghais and Puri.

The discussions at the meeting revolved around key issues related to oil and energy markets, emphasizing the need for availability, affordability, and sustainability to ensure market stability. The dialogue addressed short, medium, and long-term outlooks for the industry, recognizing India's significant role in global economic growth and energy demand.

Minister Puri underscored the importance of close ties between India and OPEC, considering India's position as the third-largest energy consumer, crude oil importer, and the fourth-largest global refiner. He emphasized that deeper collaboration between India and OPEC could contribute significantly to the long-term prosperity and stability of global oil markets. Puri urged OPEC to continue its crucial role in maintaining market stability for the benefit of consumers, producers, and the global economy.

Both parties acknowledged the World Oil Outlook 2023, forecasting India as the fastest-growing major developing economy, accounting for over 28 per cent of incremental global energy demand between 2022 and 2045. The need for ongoing cooperation and dialogue, exploring areas for future collaboration, was also highlighted.

OPEC Secretary General Ghais praised India's balanced approach toward energy issues and said that the pivotal role of the India-OPEC relationship in fostering global energy security, affordability, and emission reduction. The meeting concluded with a commitment to enhanced cooperation, and the next India-OPEC Energy Dialogue is scheduled for 2024 in India.