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Organization of the Petroleum Exporting Countries
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Organization of the Petroleum Exporting Countries

OPEC, is an inter-governmental organization of 13 major oil producing countries which has 79.5% of world’s proven oil reserves, producing 39.7% of global oil production. India is the world’s 3rd largest importer of crude oil behind only the United States and China. Our imports from OPEC countries constitute 60% of our total crude imports.

India is constantly emphasising upon OPEC’s leadership role in nudging the large producers of oil to move towards a more responsible pricing system in the overall interest of buyers and sellers.

India and OPEC regularly held Energy Dialogue; the 5th High-Level meeting of the India-OPEC Energy Dialogue was held on 29th October 2021. OPEC also for the first time had introduced an India centric paper in OPEC’s flagship publication “World Oil Outlook”2021 issued in September 2021.

Recently, Hon’ble Minister for Petroleum and Natural Gas & Housing and Urban Affairs had a meeting with Secretary General OPEC - Mr. Haitham Al Ghais, in October 2023 on the sidelines of ADIPEC-2023, where both leaders discussed ways to take forward the India-OPEC Energy dialogue.