Petroleum minister Puri talks to Opec about ensuring balance and predictable global oil market
During the 9th Opec International Seminar in Vienna on Wednesday, the minister also met several stakeholders in the oil and gas space, including Heineken Lokpobiri, Nigerian minister of state for petroleum resources; Wael Sawan, CEO of Shell; Murray Auchincloss, CEO of bp; and Russel Hardy, Group CEO of Vitol.
The statement said that at the seminar, Puri met the secretary general of Opec. "They discussed India's strong partnership with Opec and ways to ensure that oil markets remain balanced and predictable to support smooth global transition into green and alternative energies, particularly in light of recent geopolitical challenges. As the world's 3rd largest importer of oil, India and Opec, the grouping of major oil producers, share a unique and symbiotic relationship," the statement said.
The talks come as the global oil market emerged from a very volatile scenario last month amid the Israel-Iran conflict. On 5 July, Opec and its allies, commonly known as 'Opec+', agreed that starting August 2025, they would increase production by 548,000 barrels per day. This move has eased supply concerns and prices in the market.
In his meeting with Murray Auchincloss, CEO of bp, Puri shared that they took forward the ongoing dialogue on strengthening bp's partnership in India's upstream and downstream energy sector, the statement said. bp has a longstanding and comprehensive engagement in India across the energy value chain and also participated in the ninth round of auctions under the Open Acreage Licensing Policy (OALP).
The discussions also covered India's plans to aggressively enhance its domestic exploration and production (E&P) capabilities by exploring 2.5 lakh sq km under OALP Round-10. Indian energy companies have partnered with bp for E&P investment globally and are now collaborating in retail, natural gas, and compressed biogas.
The minister and Russel Hardy, Vitol's Group CEO, discussed current challenges in the global energy markets and collaborations across the hydrocarbons value chain.
Puri's meeting with the Shell CEO was focused on potential collaborations in light of India's ambitious exploration and production plans. The minister noted that India is set to explore nearly 2.5 lakh square km in new offshore and onshore areas, marking one of the world's largest bidding rounds.
He underlined that India's efforts to increase the share of natural gas in its energy mix from 6% to 15% present significant opportunities for advanced technological partnerships. He added that the drive towards greater exploration and production activity stands to benefit from Shell's cutting-edge technologies, paving the way for mutually beneficial collaborations that support India's energy security objectives.
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