India discusses with OPEC Secretary oil market fluctuations and their impact on energy stability

A government statement said that India, the world’s third-largest oil importer and consumer, discussed on Friday the recent trends and fluctuations in the global oil market and their impact on energy stability with the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC).

According to Reuters, the statement added that Indian Oil Minister Hardeep Singh Puri stressed in a phone call with Secretary-General Haitham Al-Ghais “the importance of balancing realism with market stability and the ability to bear costs.”

India imports more than 85 percent of its oil needs and relies on oil producers in the Middle East, most of whom are members of OPEC, to meet the bulk of its imports.