Union Minister Hardeep Puri holds key talks with OPEC chief, eyes balanced global oil markets
Nov 04, 2024
Abu Dhabi [UAE], November 4 : Union Minister Hardeep Singh Puri met with HE Haitham Al-Ghais, Secretary General of Organization of the Petroleum Exporting Countries (OPEC) on Monday at the ADIPEC conference in Abu Dhabi to discuss India's partnership with OPEC.
After the meet, Puri shared the post on X and wrote, "We also took forward the enriching discussion we had during the 2nd edition of @IndiaEnergyWeek in Goa about ways to ensure that global oil markets remain balanced and predictable."
Further, Puri emphasised India's unique relationship with OPEC and stated, "India, the world's 3rd largest importer of oil and OPEC, the grouping of major oil producers have a unique and symbiotic relationship."
He also congratulated Al-Ghais and the OPEC team on the release of the 18th Edition of the World Oil Outlook, "the findings of which reiterate the important position India will enjoy as a contributor to economic development and energy markets," said Puri on X.
Hardeep Puri also inaugurated the India Pavilion and participated in the Global Leaders and Energy Transition Ministerial Panel.
The Minister emphasised India's progress in energy transformation, highlighting the country's implementation of artificial intelligence in refinery automation and seismic surveys, along with advances in biofuel production and green hydrogen initiatives.
In August, Puri had a telephonic conversation lasting 30 minutes with OPEC Secretary General. The Union Minister emphasised the importance of balancing market stability, affordability, with pragmatism.
According to Ministry of External Affairs, the discussion inter-alia, covered recent trends and volatility in the global oil markets and their implications for international energy stability.
As one of the world's fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy markets, said Shri Hardeep Singh Puri during the conversation.
India and OPEC have a longstanding partnership. India is the second largest export destination for OPEC. During Financial Year 2022-23, India imported crude oil, LPG, LNG, and petroleum products from OPEC countries, amounting to approximately USD120 billion.
