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2020-10-27 14:35:00

INDIA, OPEC COOPERATION

INDIA, OPEC COOPERATION

OPEC - 26 Oct 2020 - Statement by OPEC Secretary General

Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 'Interaction with Global Oil & Gas Leaders' session of the India Energy Forum by CERAWeek, 26 October 2020, via videoconference.

Your Excellency, the Honourable Prime Minister Narendra Modi, global oil and gas leaders,

It is a tremendous honour and privilege to have this opportunity to address you today, at the India Energy Forum by CeraWeek.

OPEC truly values the positive relations that have evolved with India over the years, under the able and examplaryleadership of HE Prime Minister Modi, and support of HE Dharmendra Pradhan, Minister of Petroleum and Natural Gas and Minister of Steel.

India's enthusiasm and encouragement for the producer-consumer dialogue has contributed enormously to the success that has been achieved in helping to restore stability to global oil markets in 2017-2019, and then again given the unprecedented downturn in 2020.

India's outreach, and its openness to explore ways to further enhance collaboration with OPEC, and to work together to address a variety of key energy issues, such as energy security and energy access, should be applauded.

This is not only through our excellent OPEC-India Energy Dialogue that began in 2015 and has become more valuable with each passing year, but also other fora. For example, through the G20 platform, with India's support for the stabilizing market role of OPEC and the Declaration of Cooperation participants at G20 Energy Minister Meetings in 2020.

India has become a global economic powerhouse. In OPEC's World Oil Outlook 2020, we see India accounting for 16% of the global economy by 2045, double that of today. India's oil demand is forecast to rise from 4.7 mb/d in 2019 to 10.7 mb/d by 2045, with its global share rising from 5.2% to 10.8% by 2045.

Prime Minister, India today imports around 80% of its oil from OPEC and this level is expected to stay relatively stable in the period to 2045, and our Member Countries are forging ever-closer investment ties with your great country

This fully underscores the importance of the two-way energy security relationship between India and OPEC.

OPEC also supports India's visionary plans for the energy transition, and the role of oil and gas in this, as well as the huge success it has had in in expanding energy access to all corners of India. This is testament to the country's socioeconomic progress and commitment to sustainable development.

Your Excellency, Prime Minister Modi, OPEC is a reliable partner of India and the great strategy you set out for your esteemed country. Long may this relationship continue to blossom.

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