The sixth High-Level Meeting of the OPEC-India Energy Dialogue befell immediately, 9 November 2023, on the OPEC Secretariat in Vienna, Austria.

[Joint Press Release] 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.

These open and candid discussions on the Meeting targeted on key points associated to grease and power markets with a selected emphasis on making certain availability, affordability and sustainability, that are mandatory in making certain the steadiness of power markets. The two sides mentioned the short-, medium- and long-term outlooks for the business and acknowledged the necessary function of India in international financial development and power demand.

The sides famous the World Oil Outlook 2023, which forecasted that India can be the quickest rising main growing financial system, averaging long-term development of 6.1% between 2022-2045 and to account for over 28% of incremental international power demand throughout the identical interval. The sides additionally famous the necessity for continued cooperation and dialogue within the curiosity of each producers and customers whereas additionally exploring additional areas for future cooperation.

In his remarks, HE Al Ghais stated: “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 that “OPEC’s relationship with India has continued to go from strength to strength.” He appreciated India’s balanced, lifelike and pragmatic strategy in direction of power points.

“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,” the Secretary General added.

HE Al Ghais additionally praised India’s G20 Presidency, the exceptional chandrayan mission, and highlighted its management function in addressing international problems with nice significance. “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,” the Secretary General said.

HE Hardeep S. Puri highlighted that, because the third-largest power client, crude oil importer and the fourth-largest international refiner, “close ties between India and OPEC are not only essential but also natural.” He added that as that as India stays on a trajectory of secure and strong financial development, 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.” In this context, he referred to as on OPEC to proceed enjoying its key function in “maintaining and ensuring market stability for the benefits of consumers, producers and global economy.”

The Meeting famous the exceptional progress achieved so far within the framework of the dialogue, together with on the technical and analysis ranges. Last month, specialists from each OPEC and India met underneath the umbrella of the fifth Technical Meeting of the OPEC-India Energy Dialogue on 27 October 2023 by way of videoconference.

The sixth High-Level Meeting of the OPEC-India Energy Dialogue concluded with each events underscoring the significance of fostering enhanced cooperation between OPEC and India shifting ahead.

It was agreed to carry the following High-Level Meeting of the OPEC-India Energy Dialogue through the course of 2024 in India.