India-OPEC energy dialogue convenes 6th high-level meeting in Vienna

The 6th High-Level Meeting of the India-OPEC Energy Dialogue unfolded on November 9, 2023, at the OPEC Secretariat in Vienna, Austria, co-chaired by HE Haitham Al Ghais, Secretary General of OPEC, and Hardeep Singh Puri, Minister of Petroleum and Natural Gas, and Minister of Housing and Urban Affairs.

The discussions at the meeting were marked by openness and candor, with a focus on critical issues in oil and energy markets. There was a specific emphasis on ensuring the availability, affordability, and sustainability essential for the stability of energy markets. Both sides engaged in dialogue on short, medium, and long-term industry outlooks, recognizing India’s pivotal role in global economic growth and energy demand.

Reference was made to the World Oil Outlook 2023, projecting India as the fastest-growing major developing economy, accounting for over 28% of incremental global energy demand between 2022-2045. The need for continued cooperation and dialogue was emphasized for the mutual benefit of producers and consumers, with exploration of further areas for collaboration.

Haitham Al Ghais expressed satisfaction with the positive relationships developing between OPEC, its member countries, and major Indian oil companies. He commended India’s balanced and pragmatic approach to energy issues, highlighting the evolving strength of OPEC-India ties.

The Secretary General praised India’s G20 Presidency, acknowledged the successful Chandrayan mission, and commended its leadership in addressing global issues. Hardeep S. Puri, acknowledging India as the third-largest energy consumer and crude oil importer, stressed the essential and natural nature of close ties between India and OPEC. He called for deeper collaboration, citing its potential to contribute significantly to the long-term prosperity and stability of global oil markets. Puri urged OPEC to continue playing a key role in maintaining market stability for the benefit of consumers, producers, and the global economy.

The meeting highlighted the progress achieved within the dialogue framework, including technical and research levels. The 6th High-Level Meeting concluded with a mutual emphasis on fostering enhanced cooperation between India and OPEC, setting the stage for the next meeting in India during 2024.