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India calls for balancing energy stability amidst oil volatility
The Business Guardian
|April 21, 2024
India has emphasised the importance of balancing market stability, affordability, with pragmatism and its commitment to support efforts to achieve balance in global energy markets amidst recent trends and volatility in global oil markets.
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Minister of Petroleum and Natural Gas Hardeep Singh Puri emphasized the importance of balancing market stability, affordability, with pragmatism during a telephonic conversation with OPEC Secretary General.Haitham Al-Ghais on 19 April, 2024.
The discussion covered recent trends and volatility in the global oil markets and their implications for international energy stability. India and OPEC have a longstanding partnership. India is the second largest export destination for OPEC. During financial year 2022-23, India imported crude oil, LPG, LNG, and petroleum products from OPEC countries, amounting to approximately USD 120 billion.
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