Your Excellency, the Honourable Prime Minister of India Narendra Modi, global oil and gas leaders,
Namaste.
It is once again a great honour to address you today.
OPEC places great importance on its relationship with India, epitomized most recently by the successful 6th High-Level Meeting of the OPEC-India Energy Dialogue that took place in Vienna at the end of last year.
Honourable Prime Minister Modi, we truly value your backing and guidance for our strategic cooperation, as well as the support provided by your Minister of Petroleum and Natural Gas, His Excellency Hardeep Singh Puri.
We believe the strategic relationship between India and OPEC continues to go from strength to strength.
It is a two-way energy security and economic relationship. OPEC supplies around 65% of India’s crude oil imports today, with the level expected to rise further in the coming decades, and our Member Countries are forging ever-closer bilateral investment ties with India and Indian oil and gas companies.
I would also like to take this opportunity to commend India’s work and leadership through the G20 Presidency in 2023. The inclusive approach and the Presidency’s understanding of the importance of listening to all voices should be highly praised.
This was clear when it came to energy issues, with a balanced, realistic and pragmatic approach when looking at the question: how can the world can deliver on energy security, energy access and affordability and reducing emissions?
The Indian government has said consistently that the future will require an all-energies approach. It is a message OPEC fully supports.
We also need an all-peoples approach. The capacities, national circumstances, and development priorities of all countries must be taken into account to ensure that no one is left behind.
And, we need an all-technologies approach. The world needs to develop and finance all forms of technologies to help reduce emissions and meet energy demand.
There are multiple energy transition pathways.
India has been a pioneer in embracing a variety of solutions that have helped bring energy access to millions that had previously been without. In this regard, I would like to congratulate the Honorable Prime Minister Modi and his government for the remarkable accomplishments in expanding energy access.
Your Excellency,
What a sustainable energy future needs more than anything is investment. For oil alone, we see investment requirements totaling $14 trillion, or around $610 billion on average per year out to 2045.
It is vital that all stakeholders understand the need for investments in all energies and all technologies, and with an appreciation of the needs of all peoples.
Looking ahead, I firmly believe that OPEC and India can work together to face the challenges and opportunities of building a sustainable energy future that leaves no-one behind.
Long may our relationship, and I hope I can say, partnership, continue to flourish.
Thank you.