India-OPEC Energy Dialogue held virtually

 India-OPEC Energy Dialogue held virtually

On November 5, 2020, the fourth high level meeting of India-OPEC Energy Dialogue was held virtually. India was represented by the Oil Minister Dharmendra Pradhan. The dialogue is being held since 2015.

Contents [hide]

·         Key Highlights

·         India-OPEC

·         Way Forward

Key Highlights

During the dialogue, India pressed for assessing COVID-19 induced disruptions of oil supply. India during the meet urged OPEC to address the anomalies prevalent in differential crude oil prices fixed by the OPEC members for different regions.

India-OPEC

In 2019-20, India imported 92.8 billion USD worth Hydrocarbons from OPEC countries.

Way Forward

The World Oil Outlook, 2020 of the OPEC has projected that India will account to 16% of global economy by 2045. Also, per day oil demand of India is to increase from 4.7 million barrels per day to 10.7 million barrels per day by 2045.