India and the Organisation of the Petroleum Exporting Countries (OPEC) on Tuesday agreed on "the vital importance of fostering even deeper energy cooperation" between the two sides at a high-level meeting held here.

The meeting was co-chaired by India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri and OPEC Secretary General Haitham Al Ghais.

Discussions focused on oil market stability, energy security, and the importance of adequate and timely investment across the oil industry. Both parties reviewed the short-, medium- and long-term outlooks, underscoring India's crucial role in global economic expansion and energy demand growth, according to an official statement.

Appreciating OPEC's efforts towards promoting stability and transparency in global energy markets during a period marked by geopolitical uncertainties and market volatility, Puri highlighted the need for OPEC and India to work closely in advancing a balanced, stable and predictable global energy market.

The minister underlined that India and OPEC share a naturally complementary and mutually beneficial relationship. He emphasised that India values its longstanding engagement with OPEC and its Member Countries, which has contributed significantly to mutual understanding and cooperation on key energy issues.

“As one of the world’s fastest-growing major economies, India will remain an important driver of global energy demand in the decades ahead. A sustained dialogue between producers and consumers is essential to support investment, strengthen energy resilience and ensure reliable energy supplies for global growth and development,” the minister said.

In his remarks, Al Ghais said: "Dialogue with India is a priority for OPEC because we recognise India’s importance within the current global energy landscape and the fact that this importance will only increase in the decades ahead." He added that the "OPEC-India Energy Dialogue is eleven years strong, having been launched in New Delhi in 2015".

The Secretary General commended India’s balanced, realistic and pragmatic approach to addressing energy challenges, emphasising that "many of India’s energy priorities are OPEC’s priorities".

Al Ghais also praised the Indian government's firm commitment to international collaboration and dialogue. He stressed, “What is particularly heartening about our dialogue is the fact that the Indian Government has consistently advocated diplomacy and dialogue as the means of resolving the great challenges of our age”.

It was agreed to hold the 8th High-Level Meeting of the OPEC-India Energy Dialogue at a mutually convenient date in Vienna.