India asks Opec to ensure oil market stability for global economy's benefit

India, the world's third largest oil consumer, has asked oil producers cartel OPEC to maintain and ensure market stability for the benefit of consumres, producers and global economy.

Oil Minister Hardeep Singh Puri said this at the 6th India-OPEC Energy Dialogue that took place on November 9 in Vienna, an official press statement said on Monday.

The meeting was co-chaired by OPEC secretary general Haitham Al Ghais and Puri.

"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 statement said.

At the meeting, 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," the statement said. "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 two 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 per cent between 2022 and 2045 and to account for over 28 per cent of incremental global energy demand during the same period.

They 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, 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, "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 statement said.

"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," it quoted the secretary general as saying.

The meeting concluded with both parties underscoring the importance of fostering enhanced cooperation between India and OPEC moving forward. It was agreed to hold the next meeting of the India-OPEC Energy Dialogue during the course of 2024 in India.