India has reiterated its long-standing and constructive partnership with the Organisation of Petroleum Exporting Countries (Opec). India is the second largest export destination for the Opec as a whole, reported WAM .

 

The reiteration of “long-standing” partnership came in a 30-minute telephone conversation with the Opec Secretary General, Haitham Al Ghais and India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, the Minister’s office said in a statement.

 

Puri emphasised the “importance of balancing market stability and affordability of oil with pragmatism. The discussions, inter-alia, covered recent trends in the global oil markets and their implications for international energy stability,” the statement said.

 

Puri assured Al Ghais that as one of the world’s fastest-growing economies, India is committed to supporting efforts to achieve such balance in global energy markets.

 

The statement pointed out that as per updated final figures for the financial year 2022-23, India imported crude oil, liquefied petroleum gas, liquefied natural gas and petroleum products from Opec countries, amounting to $ 120 billion.