Amid the ongoing tensions in Middle East, Union Minister Hardeep Singh Puri on Friday spoke with the secretary general of Organisation of the Petroleum Exporting Countries (OPEC) about the latest developments and volatility in the global oil market, as well as how they affect the stability of the energy supply worldwide.
The oil Minister “emphasised the importance of balancing market stability, affordability, with pragmatism” during the phone call with Haitham Al-Ghais.
The oil Minister “emphasised the importance of balancing market stability, affordability, with pragmatism” during the phone call with Haitham Al-Ghais.
“As one of the world’s fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy markets,” Puri said.
Over 85% of the country’s oil needs are imported, with the majority of supply traditionally coming from Middle Eastern oil producers, who are mostly members of the OPEC.
India, the third-largest oil importer in the world, sourced roughly US$ 120 billion worth of petroleum products, LPG, LNG, and crude oil from OPEC nations in the Financial Year 2022–2023.
