Hardeep Singh Puri discusses global oil markets with OPEC secretary general

NEW DELHI: Union minister Hardeep Singh Puri discussed the recent trends and volatility in the global oil markets and their implications for international energy stability with OPEC secretary general, Haitham Al-Ghaishad over a telephonic conversation on Friday.
Puri during the discussion expressed commitment to supporting efforts to achieve balance in global energy markets, as per a press release released by the ministry of petroleum and natural gas.Additionally, he talked about the importance of balancing market stability, affordability, with practicality.
India is the second largest export destination for OPEC. In the financial year 2022-23, India imported crude oil, LPG, LNG, and petroleum products worth $120 billion from OPEC countries.
Puri, in a statement last month mentioned that after the recent reduction, the prices of cooking gas in India are one of the lowest globally.
As per the central government, during the Covid period from June 2020 to June 2022, the international prices of LPG surged by approximately 300%. However, the entire cost increase was not transferred to consumers of domestic LPG and was only increased by 72%.
The Union minister further said that the Centre successfully prevented oil prices from surging despite the global turbulence during the Russia-Ukraine conflict and drone attacks on merchant ships in the Red Sea.