From The Economic Times · ET Bureau · · 50s
India-OPEC energy ties deepen for market stability
India's oil minister pushes closer collaboration with OPEC to stabilize global energy markets amid volatility
In brief
India's oil minister pushes closer collaboration with OPEC to stabilize global energy markets amid volatility India and OPEC agree on joint efforts to boost energy market stability and investment during geopolitical tensions Originally reported by The Economic Times.
India-OPEC meeting
Oil minister Hardeep Puri and OPEC Secretary-General Haitham Al Ghais met in New Delhi to discuss energy market stability.
“We recognise India's importance within the current global energy landscape and the fact that this importance will only increase in the decades ahead”
Market stability focus
Puri emphasized the need for sustained dialogue between producers and consumers to ensure reliable energy supplies.
“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”
OPEC's priority
OPEC Secretary-General Al Ghais stated India is a key player in global energy markets with growing strategic importance.
“We recognise India's importance within the current global energy landscape and the fact that this importance will only increase in the decades ahead”
Dialogue history
The India-OPEC Energy Dialogue began in 2015 with seven meetings held since then.
Market context
OPEC produced 20 million barrels per day in August, representing a fifth of global supply.
The short version
India and OPEC agree on joint efforts to boost energy market stability and investment during geopolitical tensions
