OPEC and India stress importance of market stability and need for adequate investments in oil industry
OPEC and India emphasized the importance of stabilizing oil markets and providing adequate investments during a meeting in New Delhi.
Translated by Qiyas from كونا — Original source
New Delhi, September 22 (KUNA) -- The Organization of the Petroleum Exporting Countries (OPEC) and India reaffirmed today the importance of oil market stability and energy security, as well as the need to provide adequate investments in a timely manner across all segments of the oil industry. This was stated in a press release issued by OPEC following the seventh high-level meeting of the OPEC-India Energy Dialogue, held in the Indian capital, New Delhi, under the co-chairmanship of Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri and OPEC Secretary General Haitham Al Ghais.
According to the statement, the meeting reviewed short-, medium-, and long-term energy market outlooks, with both sides emphasizing India’s pivotal role in supporting global economic growth and increasing energy demand, as well as the importance of continuing cooperation and dialogue between energy-producing and consuming countries.
For his part, Indian Minister Hardeep Singh Puri, in a speech during the meeting, said that India and OPEC enjoy a relationship that is “inherently complementary and mutually beneficial,” expressing his gratitude to the OPEC Secretary General for his contributions to strengthening this partnership. Puri added that India values its longstanding relations with OPEC and its member states, noting that these relations have significantly contributed to enhancing mutual understanding and cooperation on key energy issues.
He clarified that as one of the world’s fastest-growing economies, India will remain a major driver of global energy demand in the coming decades, emphasizing that continued dialogue between producers and consumers is essential to support investment, enhance the resilience of the energy sector, and ensure reliable supplies that support global growth and development. Puri praised OPEC’s efforts to promote stability and transparency in global energy markets amid geopolitical challenges and market volatility, calling for continued close cooperation to steer global markets toward greater balance, stability, and predictability.
For his part, Haitham Al Ghais stressed that dialogue with India represents a “priority for OPEC,” given India’s significance in the current global energy landscape, and noted that this importance will grow in the coming decades. Al Ghais said the OPEC-India Energy Dialogue has been ongoing for 11 years since its launch in New Delhi in 2015, commending India’s balanced, realistic, and pragmatic approach to addressing energy challenges. He pointed out that many of India’s energy priorities are also OPEC’s priorities, while praising the Indian government’s firm commitment to international cooperation and dialogue.
He added, “What is particularly reassuring in the course of the dialogue between the two sides is the Indian government’s continued emphasis on the importance of diplomacy and dialogue as means to address the major challenges facing the world.”
Al Ghais expressed his thanks to all participants for their valuable contributions and conveyed OPEC’s sincere gratitude to Minister Hardeep Singh Puri for the warm reception and hospitality extended to the OPEC delegation.
The statement highlighted the progress made so far within the dialogue, including at the technical level, and underscored the importance of deepening energy cooperation between OPEC and India. Both sides agreed to hold the eighth high-level meeting of the OPEC-India Energy Dialogue in Vienna, Austria, at a date to be mutually agreed upon. (End) K.M. / A.M.H.
