India Stresses Market Stability in Telephonic Conversation with OPEC Secretary General

New Delhi: Minister of Petroleum and Natural Gas, Hardeep Singh Puri, engaged in a significant telephonic conversation with OPEC Secretary General, H.E. Mr. Haitham Al-Ghais, underscoring the importance of balancing market stability, affordability, and pragmatism. The conversation, lasting 30 minutes, took place on April 19, 2024, and delved into recent trends and volatility in global oil markets, along with their implications for international energy stability.

India, as one of the world’s fastest-growing economies, reaffirmed its commitment to supporting efforts aimed at achieving balance in global energy markets. Hardeep Singh Puri emphasized the need for cooperation and dialogue to address the challenges posed by fluctuating oil prices.

The longstanding partnership between India and OPEC was reiterated during the conversation. India stands as the second-largest export destination for OPEC, showcasing the depth of bilateral ties between the two entities.

Highlighting the significant energy imports from OPEC countries, Puri noted that during the Financial Year 2022-23, India imported crude oil, LPG, LNG, and petroleum products worth approximately US$ 120 billion from OPEC nations.