“He added that as India remains on a trajectory of stable and robust economic growth, fostering deeper collaboration for the mutual benefit of both parties has the potential to contribute significantly to the long-term prosperity and stability of the global oil markets,” the statement said.
“In this context, he called on OPEC to continue playing its key role in maintaining and ensuring market stability for the benefits of consumers, producers and global economy.”
The two sides noted the World Oil Outlook 2023 which forecasted that India would be the fastest-growing major developing economy, averaging long-term growth of 6.1% between 2022 and 2045 and to account for over 28% of incremental global energy demand during the same period.