India and OPEC forge collaborative efforts for global energy market stability

India is dedicated to supporting efforts aimed at achieving balance in global energy markets.

Minister of Petroleum and Natural Gas, Hardeep Singh Puri, conveyed this message during an extensive telephonic conversation lasting 30 minutes with the Secretary General of OPEC, H.E. Haitham Al-Ghais, held on April recently. The discussion encompassed recent trends and volatility observed in global oil markets, along with their implications for international energy stability.

Hardeep Singh Puri underscored India’s dedication to fostering collaboration to attain equilibrium in global energy markets, acknowledging India’s position as one of the world’s fastest-growing economies. He reiterated the longstanding partnership between India and OPEC, highlighting India’s status as the second-largest export destination for OPEC.

India’s commitment to supporting global energy market equilibrium is evidenced by its significant imports from OPEC countries. During the Financial Year 2022-23, India imported crude oil, LPG, LNG, and petroleum products from OPEC countries, totaling approximately US$ 120 billion. This highlights India’s active role in the global energy landscape and its commitment to collaborative efforts for market stability.