Union Minister Puri Discusses Global Oil Market Trends with OPEC Chief

In a telephonic conversation with OPEC Secretary General, H.E. Mr.Haitham Al-Ghais, Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri emphasized the importance of balancing market stability, affordability, with pragmatism.  Shri Puri had an extended telephone conversation lasting 30 minutes with OPEC Secretary General today i.e. on 19 April, 2024. The discussion inter-alia, covered recent trends and volatility in the global oil markets and their implications for international energy stability.

As one of the world’s fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy markets, said Shri Hardeep Singh Puri during the conversation.

India-OPEC Partnership

India and OPEC have a longstanding partnership. India is the second largest export destination for OPEC.

During Financial Year 2022-23, India imported crude oil, LPG, LNG, and petroleum products from OPEC countries, amounting to approximately US$ 120 billion.