India-OPEC Energy Dialogue

Disclaimer: Copyright infringement not intended.

Context

• The 6th High-Level Meeting of the India-OPEC Energy Dialogue took place on 9 November 2023, at the OPEC Secretariat in Vienna, Austria.

READ ALL ABOUT OPEC:

https://www.iasgyan.in/daily-current-affairs/opec-31

https://www.iasgyan.in/daily-current-affairs/opec-9

Meeting Discussions

• The open and candid discussions at 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 in ensuring the stability of energy markets.
• The two sides discussed the short, medium and long-term outlooks for the industry and recognized the important role of India in global economic growth and energy demand.
• The sides noted the 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 to account for over 28% of incremental global energy demand during the same period.
• The sides also noted the need for continued cooperation and dialogue in the interest of both producers and consumers while also exploring further areas for future cooperation.