The 6th high-level meeting of the India-OPEC Energy Dialogue, which took place in Vienna last week, focussed on ensuring availability, affordability, and sustainability of supplies in the oil and energy markets.

The meeting was led by Oil Minister Hardeep Singh Puri and OPEC Secretary General Haitham Al Ghais.

“The open and candid discussions at the Meeting focussed on key issues related to oil and energy markets, with a specific emphasis on ensuring availability, affordability and sustainability, which are necessary in ensuring the stability of energy markets,” said the Ministry of Petroleum & Natural Gas (MoPNG) on Monday.

The two sides discussed the short-, medium- and long-term outlook for the industry, and recognised the important role of India in global economic growth and energy demand, it added.

The sides noted that the World Oil Outlook 2023, which forecasted that India would be the fastest-growing major developing economy, averaging long-term growth of 6.1 per cent between 2022-2045 and to account for over 28 per cent of incremental global energy demand during the same period.

The sides also noted the need for continued cooperation and dialogue in the interest of both producers and consumers while also exploring further areas for future cooperation.

During the deliberations, Puri highlighted that, as the third-largest energy consumer, crude oil importer and the fourth-largest global refiner, close ties between India and OPEC are not only essential but also natural.

India remains on a trajectory of stable and robust economic growth, fostering deeper collaboration for the mutual benefit of both parties has the potential to contribute significantly to the long-term prosperity and stability of the global oil markets, he added.

In this context, the Minister called on OPEC to continue playing its key role in maintaining and ensuring market stability for the benefits of consumers, producers and the global economy.

In his remarks, Haitham Al Ghais said: “The excellent state of OPEC-India Dialogue also extends to the development of positive relationships between OPEC, its Member Countries and major Indian oil companies.”

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, the Secretary General added.

“India’s heading of the G20 was impressive, with India’s able leadership steering this year’s G20 discussions to a successful outcome, including on key energy issues,” he noted.