New Delhi: During a high-level energy dialogue between India and the Organisation of the Petroleum Exporting Countries (OPEC), Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stressed on the need for ensuring stability in the energy markets for India, which is poised to be both the driver of economic growth and energy demand.
“Co-chaired 6th High-Level Meeting of India-OPEC Energy Dialogue with HE Haitham Al Ghais, Secy-Gen of @OPECSecretariat in Vienna. Discussed the current global energy scenario & how there is need for continued cooperation & dialogues in the interest of both producers & consumers,” said the minister on X, formerly known as Twitter, after the meeting on November 9.
“Our meeting focused on key issues related to oil & energy markets with a specific emphasis on ensuring availability, affordability & sustainability which are necessary in ensuring the stability of energy markets & India’s role as driver of both economic growth & energy demand,” he added.
Quoting the Oil Outlook Report 2023 which forecasted that India would be the fastest growing major developing economy averaging long term growth of 6.1 percent between 2022-2045 and to account for over 28 percent of incremental energy demand, Puri said that the report was discussed at the meeting.
Addressing the meeting, the OPEC Secretary General 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.” Ghais praised India’s G20 Presidency 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,” he added.