How is the Relationship Between India and OPEC Unique?
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Synopsis
Explore the intricate relationship between India and OPEC, as Union Minister Hardeep Singh Puri emphasizes the importance of balancing oil markets for a successful transition to greener energy. Discover how India's initiatives are fostering energy security amidst global challenges.
Key Takeaways
- India's partnership with OPEC is crucial for energy security.
- Over 103 million LPG connections have been provided under PMUY.
- Efforts have significantly improved energy access and public health.
- Despite rising LPG prices globally, PMUY beneficiaries enjoy subsidized rates.
- The relationship supports a smoother transition to alternative energies.
Vienna, July 10 (NationPress) Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has highlighted the robust partnership between India and OPEC, addressing strategies to maintain balanced oil markets and facilitate a smooth global shift towards green and alternative energy sources.
Puri engaged with OPEC Secretary General Haitham Al-Ghais during the 9th OPEC International Seminar held here.
“We discussed the strong ties between India and OPEC, as well as approaches to ensure oil markets remain stable and consistent, particularly in light of recent geopolitical challenges, to support a seamless global transition into green and alternative energies,” the Union Minister noted in a post on the X social media platform.
As the world’s third-largest oil importer, India shares a unique and symbiotic relationship with OPEC, he stated.
In his speech at the event, Puri remarked that while India’s journey towards energy security is gaining traction, “we are continuously implementing initiatives to meet the energy requirements of our citizens.”
“Over 103 million LPG connections have been extended to women from economically disadvantaged households through the Prime Minister’s visionary Pradhan Mantri Ujjwala Yojana (PMUY), which stands as the world’s largest clean cooking program,” he informed the audience.
This initiative has enhanced both energy accessibility and public health outcomes.
Fueled by inclusive initiatives like these, LPG coverage in India has surged from 55% in 2014 to nearly universal access today, while LPG prices for PMUY beneficiaries in India rank among the lowest globally.
Despite a staggering 58% increase in international LPG prices, PMUY users pay merely $6-7 for a 14.2 kg cylinder, which is 39% less than the $10-11 they paid in July 2023, owing to significant government subsidies and oil marketing companies (OMCs) absorbing losses of $4.70 billion last year to sustain these prices, he elaborated.
Point of View
India's collaboration with OPEC showcases a commitment to balancing energy security with environmental sustainability. This partnership is pivotal not only for India's energy needs but also for global market stability.
NationPress
31/08/2025
Frequently Asked Questions
What is the significance of India's relationship with OPEC?
India's relationship with OPEC is significant as it ensures a stable oil supply and supports the country's transition to greener energy sources.
How does the Pradhan Mantri Ujjwala Yojana impact energy access in India?
The Pradhan Mantri Ujjwala Yojana has greatly improved energy access, providing over 103 million LPG connections to women from economically weaker households.
What challenges is India facing in energy security?
India faces challenges in energy security due to geopolitical factors and fluctuating international oil prices, prompting a need for collaborative partnerships with OPEC.
