In a telephonic conversation with OPEC Secretary General Haitham Al-Ghais, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri emphasized the importance of balancing market stability, affordability, with pragmatism. Puri had an extended telephone conversation for 30 minutes with OPEC Secretary General Friday.
The discussion inter-alia, covered recent trends and volatility in the global oil markets and their implications for international energy stability, the Ministry of Petroleum & Natural Gas said in a press release.
As one of the world’s fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy markets, said Puri during the conversation.
India and OPEC have a longstanding partnership. India is the second largest export destination for OPEC.
During FY2022-23, India imported crude oil, LPG, LNG, and petroleum products from OPEC countries amounting to approximately US$120 billion.
