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 co-chairs of the meeting were 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.
Focused Discussions on Key Energy Issues
- The open and candid discussions during the meeting were centered around crucial issues related to oil and energy markets.
- The emphasis was particularly on ensuring availability, affordability, and sustainability to guarantee the stability of energy markets globally.
Outlooks and Recognition of India’s Role
- Recognizing the pivotal role of India in global economic growth and energy demand, the parties acknowledged the World Oil Outlook 2023.
- This forecasted India as the fastest-growing major developing economy, projecting long-term growth of 6.1% between 2022-2045 and accounting for over 28% of incremental global energy demand during the same period.
Cooperation and Future Prospects
- Acknowledging the need for continued cooperation and dialogue, both sides expressed their commitment to exploring further areas for collaboration.
- The meeting highlighted the excellent state of the OPEC-India Dialogue and the positive relationships developing between OPEC, its member countries, and major Indian oil companies.
- The dialogue was commended for its continued growth and strength.
HE Haitham Al Ghais Commends Balanced Approach and Global Leadership
- HE Haitham Al Ghais commended India’s balanced, realistic, and pragmatic approach towards energy issues.
- He praised India’s G20 Presidency, acknowledged the remarkable Chandrayan mission, and highlighted India’s leadership role in addressing global issues of great importance.
Hardeep S. Puri emphasizes the natural bond between India and OPEC
- Hardeep S. Puri, on the other hand, stressed the essential and natural nature of the close ties between India and OPEC.
- As India stands as the third-largest energy consumer, crude oil importer, and the fourth-largest global refiner, the collaboration between India and OPEC becomes not only essential but also natural.
Calls for Stability and Prosperity
- Puri urged OPEC to continue playing its key role in maintaining and ensuring market stability for the benefit of consumers, producers, and the global economy.
- He emphasized that as India continues on a trajectory of stable and robust economic growth, deeper collaboration with OPEC has the potential to contribute significantly to the long-term prosperity and stability of global oil markets.
Progress and Next Steps
- The meeting acknowledged the remarkable progress achieved so far in the framework of the dialogue, particularly at the technical and research levels.
- Experts from both India and OPEC had met recently under the umbrella of the 5th Technical Meeting of the India-OPEC Energy Dialogue.
Successful Conclusion and Future Plans
- The 6th High-Level Meeting of the India-OPEC Energy Dialogue concluded with both parties underscoring the importance of fostering enhanced cooperation.
- It was agreed to hold the next High-Level Meeting during the course of 2024 in India.
- This commitment marks a positive step forward in the continued collaboration between India and OPEC, emphasizing the shared goal of ensuring stability and prosperity in the global energy landscape.