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The sixth high-level meeting of the OPEC-India energy dialogue took place on November 9 at the OPEC Secretariat in Vienna, Austria, a statement posted on OPEC’s website last week highlighted.
The meeting was co-chaired by OPEC Secretary General Haitham Al Ghais and the Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs of the Republic of India, Hardeep Singh Puri, the statement pointed out.
“These open and candid discussions at the meeting focused on key issues related to oil and energy markets with a specific emphasis on ensuring availability, affordability and sustainability, which are necessary in ensuring the stability of energy markets,” the statement noted.
“The two sides discussed the short-, medium- and long-term outlooks for the industry and recognized the important role of India in global economic growth and energy demand,” it added.
“The sides noted the World Oil Outlook 2023, which forecasted that India would be the fastest growing major developing economy, averaging long-term growth of 6.1 percent between 2022-2045 and to account for over 28 percent of incremental global energy demand during the same period,” it continued.
“The sides also noted the need for continued cooperation and dialogue in the interest of both producers and consumers while also exploring further areas for future cooperation,” it went on to state.
The meeting concluded with both parties underscoring the importance of fostering enhanced cooperation between OPEC and India moving forward, according to the statement, which highlighted that experts from OPEC and India met as part of the fifth Technical Meeting of the OPEC-India Energy Dialogue on October 27.
The next high-level meeting of the OPEC-India Energy Dialogue will take place in 2024 in India, the statement revealed.
A statement posted on OPEC’s site back in May highlighted that the sixth high-level meeting of the OPEC-China energy dialogue was held in Beijing, China, on May 16.
That meeting was co-chaired by Zhang Jianhua, the Administrator of the National Energy Administration of the People’s Republic of China, and Al Ghais, the statement pointed out.
“In his remarks, HE Zhang Jianhua highlighted that China and OPEC are important strategic partners,” the statement noted.
“Al Ghais emphasized that OPEC attaches tremendous importance to its dialogue partnership with China and is determined to reinforce and strengthen it,” the statement added.
“He noted that the parties had established a balanced, pragmatic framework for cooperation, and developed an ongoing exchange of views at all levels on energy issues of common interest,” it continued.
“Both parties are committed to strengthening cooperation going forward, particularly within the realm of information and data sharing, technological exchange and addressing issues related to the energy transition,” the statement went on to note.
The statement revealed that the seventh high-level meeting of the OPEC-China energy dialogue is scheduled to take place “at a convenient time in 2024”.
In a report sent to Rigzone last week, analysts at Standard Chartered noted that they expect oil demand growth to slow in China in 2024 and speed up in India.
“We expect China’s oil product demand growth will slow to 516,000 barrels per day in 2024 from 819,000 barrels per day in 2023,” the analysts stated in the report.
“We forecast India’s demand growth will increase to 331,000 barrels per day in 2024 from 268,000 barrels per day in 2023,” they added.
In the report, the analysts highlighted that a comparison with the main agencies (International Energy Agency (IEA), U.S. Energy Information Administration (EIA), and OPEC) showed Standard Chartered’s China forecast is within their range. The company’s India forecast, however, is above consensus, the analysts pointed out in the report.
According to the Energy Institute’s (EI) first, and the overall 72nd, statistical review of world energy, which was released earlier this year, China’s total liquids consumption in 2022 was 14.370 million barrels per day. This figure represented a four percent drop year on year and 14.3 percent of total liquids consumption in 2022, the review highlighted. From 2012 to 2022, China’s total liquids consumption has grown 3.6 percent annually, the review outlined.
China’s crude oil and condensate production stood at 4.111 million barrels per day in 2022, according to the review, which outlined that this figure marked a 2.9 percent increase year on year and 5.1 percent of global crude oil and condensate output last year. China’s crude oil and condensate production has dropped 0.1 percent annually from 2012 to 2022, the review highlighted.
India’s total liquids consumption last year stood at 5.288 million barrels per day, according to the review, which revealed that this figure represented an 8.2 percent year on year rise and 5.3 percent of global liquids consumption in 2022. From 2012 to 2022, India’s total liquids consumption has also grown 3.6 percent annually, the review revealed.
The country’s crude oil and condensate production stood at 609,000 barrels per day in 2022, the review pointed out. This figure marked a 1.5 percent year on year drop and 0.8 percent of global crude oil and condensate output in 2022, EI’s review highlighted. From 2012 to 2022, India’s crude oil and condensate production has dropped 2.5 percent per year, according to the review.
To contact the author, email andreas.exarheas@rigzone.com
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