India Discusses Oil Market Stability with OPEC Amid Global Volatility
India, recognized as the third largest oil importer and consumer globally, engaged in discussions about the current trends and instability in the international oil market and their repercussions on worldwide energy security with the OPEC secretary general on Friday, according to a government announcement.
In a phone call with Haitham Al-Ghais, India’s Oil Minister Hardeep Singh Puri “emphasized the importance of balancing market stability, affordability, with pragmatism,” the statement highlighted.
Traditionally dependent on oil imports, India sources over 85% of its oil needs from Middle Eastern producers, who are predominantly members of the Organization of the Petroleum Exporting Countries (OPEC).
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