6th India-OPEC Energy Dialogue

6th India-OPEC Energy Dialogue

News: Recently, the 6th High-Level Meeting of the India-Organization of the Petroleum Exporting Countries (OPEC) Energy Dialogue brought together key representatives at the OPEC Secretariat in Vienna, Austria.

Key Highlights:
• The meeting was co-chaired by 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.
• The discussions 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 World Oil Outlook 2023 forecasted that India would be the fastest-growing major developing economy, averaging long-term growth of 6.1% between 2022-2045 and to account for over 28% of incremental global energy demand during the same period.
• The sides 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.
• HE Hardeep S. 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.”.
• The meeting also acknowledged the achievements and initiatives of India in the fields of renewable energy, energy efficiency, hydrogen economy, and climate change mitigation.

About World Oil Outlook:
• The World Oil Outlook (WOO) is a publication by the OPEC Secretariat. It’s part of OPEC’s commitment to market stability and aims to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry.

About OPEC:
• The Organization of the Petroleum Exporting Countries (OPEC) is a multinational organization established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid.
• It was founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). The 13 member countries account for an estimated 30 percent of global oil production.
• Current OPEC members are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates, and Venezuela. Saudi Arabia is the biggest single oil supplier within the group, producing more than 10 million barrels a day.
• Meanwhile, Ecuador, Indonesia, and Qatar are former OPEC members.