6TH INDIA-OPEC ENERGY DIALOGUE (Syllabus: GS Paper 2 – IR)

Context: Recently, the 6th High-Level Meeting of the India-OPEC Energy Dialogue took place at the OPEC Secretariat in Vienna, Austria.

Highlights of Dialogue

• The meeting involved open and candid discussions focusing on key issues related to oil and energy markets.
• Specific emphasis was placed on ensuring availability, affordability, and sustainability for stability in energy markets.
• Short, medium-, and long-term industry outlooks were discussed, acknowledging India's crucial role in global economic growth and energy demand.
• The World Oil Outlook 2023 forecasted India as the fastest-growing major developing economy, contributing over 28% of incremental global energy demand from 2022 to 2045.
• Both sides recognized the importance of continued cooperation and dialogue for the benefit of both producers and consumers.

OPEC

• About: It is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
• Member Countries: These countries were later joined by Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea and Congo.
• Headquarters: Vienna, Austria.
• Aim: To regulate oil supply with the aim of stabilizing the global oil price, thus preventing volatility that could negatively impact the economies of both oil-producing and oil-importing nations.
• 5th High-Level Meeting of the India-OPEC Energy Dialogue: October 2021 via videoconference