India has called upon the Organization of the Petroleum Exporting Countries (OPEC) to demonstrate sensitivity towards consuming countries as global energy prices continue to rise.
This appeal came during discussions between Union Minister of Petroleum and Natural Gas Hardeep Singh Puri and OPEC’s Secretary-General Haitham Al Ghais.
Hardeep Singh Puri shared on X: “Discussed the global energy scenario in my meeting with OPEC SG, HE #HaithamAlGhais. India imports about 60 per cent of its crude oil worth $101 billion & other Petroleum products from OPEC members. I highlighted how ensuring access to affordable energy is a must for social upliftment.”
Puri highlighted the collaborative efforts made by the global community during the pandemic, when crude oil prices plummeted, to stabilize prices and ensure sustainability for producers, and added that oil-producing nations should show the same sensitivity as the world faces the possibility of economic recession and slowdown.
“During the pandemic, when crude oil prices crashed, the world came together to stabilize the prices to make it sustainable for the producers. Now, as the world is at the cusp of an economic recession & slowdown, oil producers need to show the same sensitivity towards the consuming countries,” Puri said.
Additionally, Puri said the discussions touched upon the sovereign rights of oil-producing and exporting countries to determine production capacity. However, he emphasized that these decisions are subject to the doctrine of consequences, both intended and unintended.
It may be noted that crude oil prices have witnessed a sharp rise over the past few months amid production cuts by major oil-producing nations. Rising crude oil prices could have an adverse impact on the global economy, especially for major oil-importing countries like India.