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Organization of the Petroleum Exporting Countries

OPEC, is an inter-governmental organization of 14 major oil producing countries which together produces about 40 percent of the world's crude oil. OPEC oil exports represent about 60 percent of the total petroleum traded internationally. India is the world’s 3rd largest importer of crude oil behind only the United States and China. Our imports from OPEC countries constitute 85 percent of our total crude imports and 94 percent of the gas imports.

The 2nd India-OPEC Institutional Dialogue: 2nd India-OPEC Institutional Dialogue was held during 22-23 May, 2017 in Vienna between Shri Dharmendra Pradhan, Minister, PNG and Secretary General of OPEC Mr. Mohammad SanusiBarkindo. Minister emphasised on ‘Asian Dividend rather than paying Asian Premium’ and stressed OPEC to work towards “Responsible Pricing” which is also important to India for its socio-economic and developmental reasons.

 

Visit of Secretary General, OPEC to India during October 2017: Minister, PNG held a meeting with Secretary General OPEC, Mr. Sanusi Mohammad Barkindo on 8th October, 2017 in New Delhi. During the meeting, Shri Pradhan emphasized the need for a purposeful and improved dialogue among producer and consumer countries. Minister highlighted that India should be considered as “preferred destination” for OPEC countries for supply of Crude Oil.

4th High-level Meeting of the OPEC-India Energy Dialogue.

Hon'ble Minister Shri Dharmendra Pardhan Co-chaired the 4th High-level meeting of the India-OPEC Energy Dialogue,along with Secretary General H.E. Mohammed SanusiBarkindo, and the first meeting of this Institutional Dialogue since the onset of the Covid-19 pandemic.

The virtual meeting was also joined by OPEC Member countries, Secretaryand CMD & MDs of India’s oil and gas industry from both the public and the private sector, had a discussions on the rapidly changing global energy landscape, overcoming energy challenges, global oil price mechanisms, measures being taken by OPEC and its partners for balancing oil markets, and on ensuring oil supply security for India.

We convey our deep appreciation to OPEC, particularly SG Barkindo and to key producers of the OPEC, like Saudi Arabia and the UAE, who have stood by us during the turbulent Covid-19 times by supplying additional quantities of LPG to support our domestic requirement.

 

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