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India Engages in Dialogue with OPEC Secretary General on Oil Market Volatility

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India, the world’s third-largest oil importer and consumer, engaged in discussions regarding recent trends and volatility in the global oil market with the Secretary-General of OPEC on Friday, as per a government statement.

During a telephone conversation with Haitham Al-Ghais, India’s Oil Minister, Hardeep Singh Puri, emphasized the importance of achieving market stability, affordability, and pragmatism in addressing the challenges posed by oil market fluctuations.

With India importing over 85% of its oil needs and traditionally relying on Middle Eastern oil producers, many of which are OPEC members, the country plays a significant role in the global energy landscape.

“As one of the world’s fastest-growing economies, India remains steadfast in its commitment to supporting efforts aimed at achieving equilibrium in global energy markets,” stated Shri Hardeep Singh Puri, as conveyed by the Ministry of Petroleum & Natural Gas.

India and OPEC share a longstanding partnership, with India being the second-largest export destination for OPEC. During the financial year 2022-23, India’s imports of crude oil, LPG, LNG, and petroleum products from OPEC countries totaled approximately US$ 120 billion, underscoring the importance of the relationship between the two entities.

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