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India highlights need for stable oil prices in talks with OPEC

New Delhi, April 19, 2024
Petroleum Minister Hardeep Singh Puri emphasised the importance of market stability and affordability in the oil market during a telephonic conversation with OPEC Secretary General Haitham Al-Ghais on Friday.

The discussion in the 30-minute conversation covered recent trends and volatility in the global oil markets and their implications for international energy stability.

As one of the world’s fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy markets, Puri said during the conversation.

India is the second-largest export destination for OPEC. During the financial year 2022-23, India imported crude oil, LPG, LNG, and petroleum products worth $120 billion from OPEC countries.

Oil prices surged by $3 a barrel in the international market on Friday amid reports of Israel launching a missile attack against Iran, raising fears of escalating geopolitical tensions that could disrupt crude shipments.

The benchmark Brent crude price rose to around $90 a barrel US West Texas hovered at around $85 a barrel.

The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.

Since India imports over 85 per cent of its crude oil requirement, a sharp increase in global oil prices could lead to an increase in the country’s oil import bill and weaken the rupee due to the larger outgo of foreign exchange.(Agency)

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