The 6th High-Level Meeting of the India-OPEC Energy Dialogue took place on 9 November 2023, at the OPEC Secretariat in Vienna, Austria
The Meeting was co-chaired by HE Haitham Al Ghais, Secretary General of OPEC and HE Hardeep Singh Puri, Honourable Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs of the Republic of India.
The open and candid discussions at the Meeting focused 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. The two sides discussed the short, medium and long-term outlooks for the industry and recognized the important role of India in global economic growth and energy demand.
The sides noted the World Oil Outlook 2023, which forecasted that India would be the fastest-growing major developing economy, averaging long-term growth of 6.1% between 2022-2045 and to account for over 28% 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.
In his remarks, HE Haitham Al Ghais said: “The excellent state of the OPEC-India Dialogue also extends to the development of positive relationships between OPEC, its Member Countries and major Indian oil companies,” noting that “OPEC’s relationship with India has continued to go from strength to strength.” He appreciated India’s balanced, realistic and pragmatic approach towards energy issues.
“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.
HE Haitham Al Ghais also praised India’s G20 Presidency, the remarkable Chandrayan mission, and highlighted its leadership role in addressing global issues of great importance. “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,” the Secretary General stated.
HE Hardeep S. 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. He added that as 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. In this context, he called on OPEC to continue playing its key role in maintaining and ensuring market stability for the benefits of consumers, producers and global economy.
The Meeting noted the remarkable progress achieved to date in the framework of the dialogue, including at the technical and research levels. Last month, experts from both India and OPEC met under the umbrella of the 5th Technical Meeting of the India-OPEC Energy Dialogue on 27 October 2023 via videoconference.
The 6th High-Level Meeting of the India-OPEC Energy Dialogue concluded with both parties underscoring the importance of fostering enhanced cooperation between India and OPEC moving forward.
It was agreed to hold the next High-Level Meeting of the India-OPEC Energy Dialogue during the course of 2024 in India.