Context:
The 6th High-Level Meeting of the India-Organization of the Petroleum Exporting Countries (OPEC) Energy Dialogue, held on 9th November 2023, brought together key representatives at the OPEC Secretariat in Vienna, Austria.
Relevance:
GS II: International Relations
Dimensions of the Article:
- Key Highlights of India-OPEC Energy Dialogue
- About Organization of the Petroleum Exporting Countries (OPEC)
Key Highlights of India-OPEC Energy Dialogue
Focus Areas:
- Deliberations on critical issues concerning oil and energy markets
- Emphasis on ensuring availability, affordability, and sustainability for market stability
Concluding Points:
- Mutual recognition of the need for enhanced cooperation between OPEC and India
- Agreement on the pivotal role of collaboration for future endeavors
World Oil Outlook 2023:
- Noted the forecast of India as the fastest-growing major developing economy
- Anticipated long-term growth of 6.1% (2022-2045) and a 28% share in global energy demand
Acknowledging India’s Significance:
- Recognition of India as the third-largest energy consumer
- Acknowledgment of India’s role as a major crude oil importer and the fourth-largest global refiner
- Appreciation of India’s impact on global economic growth and energy demand
Appreciation for Indian Initiatives:
- Acknowledgment of India’s achievements in renewable energy, energy efficiency, hydrogen economy, and climate change mitigation
Future Plans:
- Agreement to conduct the next High-Level Meeting of the India-OPEC Energy Dialogue in India in 2024
About Organization of the Petroleum Exporting Countries (OPEC)
- The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.
- As of 2018, the 14 member countries accounted for an estimated 44 percent of global oil production and almost 82% of the world’s “proven” oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called “Seven Sisters” grouping of multinational oil companies.
- The stated mission of the organization is to “coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.”
-Source: The Hindu
