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6th India-OPEC Energy Dialogue

6th India-OPEC Energy Dialogue:

The 6th High-Level Meeting of the India-Organization of the Petroleum Exporting Countries (OPEC) Energy Dialogue brought together key representatives at the OPEC Secretariat in Vienna, Austria.

  • The meeting delved into critical aspects of oil and energy markets.

Key Highlights :

  • The Meeting focused on key issues related to oil and energy markets with a specific emphasis on ensuring availability, affordability and sustainability, which are necessary to ensure the stability of energy markets.
  • The meeting concluded with both parties underscoring the importance of fostering enhanced cooperation between OPEC and India moving forward.
  • World Oil Outlook 2023, which forecasted that India would be the fastest-growing major developing economy, averaging long-term growth of 6.1% between 2022-2045 and accounting for over 28% of incremental global energy demand during the same period.
  • Both sides have recognized the importance of India as the third-largest energy consumer, crude oil importer and the fourth-largest global refiner, in global economic growth and energy demand.
  • The meeting also acknowledged the achievements and initiatives of India in the fields of renewable energy, energy efficiency, hydrogen economy, and climate change mitigation.
  • It was agreed to hold the next High-Level Meeting of the India-OPEC Energy Dialogue in 2024 in India.

Organization of the Petroleum Exporting Countries (OPEC):

  • The OPEC is a permanent, intergovernmental Organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
  • It is headquartered in Vienna, Austria.
  • OPEC’s objective is to coordinate and unify petroleum policies among Member Countries, to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
  • Members: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.