A sustained dialogue between producers and consumers is essential to support investment, strengthen energy resilience and ensure reliable energy supplies for global growth and development, Oil Minister Hardeep Singh Puri said while co-chairing the seventh high-level meeting of the OPEC-India Energy Dialogue along with Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais here.
The meeting comes against the backdrop of the West Asia war and the resulting disruption to global energy trade through the Strait of Hormuz. The conflict has disrupted oil supplies for major consumers, including India and China, and sent benchmark Brent crude soaring beyond $100 per barrel.
“Discussions focused on oil market stability, energy security and the importance of adequate and timely investment across the oil industry. Both parties reviewed the short-term, medium-term and long-term outlooks, underscoring India’s crucial role in global economic expansion and energy demand growth,” the Ministry of Petroleum and Natural Gas (MoPNG) said.
In his remarks, Puri underlined that India and OPEC share a mutually beneficial relationship and that India values its longstanding engagement with OPEC and its member countries, which has contributed significantly to mutual understanding and cooperation on key energy issues.
“As one of the world’s fastest-growing major economies, India will remain an important driver of global energy demand in the decades ahead. A sustained dialogue between producers and consumers is essential to support investment, strengthen energy resilience and ensure reliable energy supplies for global growth and development,” Puri said.
Appreciating OPEC’s efforts towards promoting stability and transparency in global energy markets during a period marked by geopolitical uncertainties and market volatility, he called on OPEC and India to work closely to advance a balanced, stable and predictable global energy market.
According to the ministry, Al Ghais commended India’s balanced, realistic and pragmatic approach to addressing energy challenges, emphasising that many of India’s energy priorities are OPEC’s priorities. “What is particularly heartening about our dialogue is the fact that the Indian Government has consistently advocated diplomacy and dialogue as the means of resolving the great challenges of our age,” he said.
