Ties with India solid: OPEC chief

Bangalore:

Relations between India and the Organization of the Petroleum Exporting Countries (OPEC) are solid and are moving towards other fronts, including investment, OPEC Secretary-General Haytham Ghaith said on the sidelines of India Energy Week in Bengaluru.

In an exclusive interaction with ANI, the OPEC Secretary-General said India’s reduction in oil imports will not affect the relationship, most OPEC countries have very strong historical ties to India and OPEC stands ready to continue supplying India’s oil needs.

“Not only crude oil, there are many countries within OPEC that supply the petroleum product LPG. On the issue of their diverse relationship, which goes back hundreds of years, the relationship between India and OPEC countries is solid…. .. ” the OPEC secretary said.

He also said the decision to collectively cut output in October was the right move, adding that the OPEC alliance should be commended for its constructive role in supporting global market stability.

“We deserve due recognition for our constructive and active role in supporting global market stability, including reminding ourselves that the G20 and key global consumers appreciate the historic actions we have taken since 2020,” Haitham Al Ghais said on Monday.

“Demand for crude oil is rising and we are investing. The global economy is expanding,” OPEC’s secretary-general said.

“OPEC countries are investing in hydrogen, biofuels. We need to invest more to meet energy needs,” Haitham Al Ghais further said.

OPEC, a coalition that includes OPEC members and others including Russia, agreed last year to cut its production target by 2 million barrels a day, or about 2% of world demand, from November to the end of 2023 to support the market.

“We had a meeting of the Joint Ministerial Monitoring Committee (JMMC) on February 1, reviewed everything from a purely technical standpoint and concluded that the decision taken collectively in October was the right one,” Al Ghais said .

“At OPEC, we’ve been watching the market closely, including demand, as it changes after China opens up,” Haitham Al Ghais said.

“We believe there is a lot of confidence and trust in the OPEC Group and its decisions, and we have demonstrated time and again that we are ready to act immediately and respond to the dynamic nature of the market,” he said.

OPEC currently has 13 members, with Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria and the United Arab Emirates joining the five founders. Its headquarters are located in Vienna, the capital of Austria.

In 2016, OPEC formed an alliance with other oil-producing countries to form OPEC. The 10 countries currently joining OPEC include Russia, Kazakhstan, Azerbaijan, Mexico and Oman.

OPEC’s mission is to coordinate and unify the oil policies of its member countries, to ensure the stability of the oil market, to ensure an efficient, economical and regular supply of oil to consumers, to provide producers with stable income and a fair return for those who invest in People in the oil industry provide the money.

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