India discussed oil market volatility with OPEC chief, government says

India imports more than 85% of its oil needs and traditionally relies on Middle Eastern oil producers, most members of the Organization of the Petroleum Exporting Countries, for most of its requirements.

Representative image for oil market.

Credit: Reuters File Photo

New Delhi: India, the world's third biggest oil importer and consumer, discussed recent trends and volatility in the global oil market and their impact on global energy stability with OPEC secretary general on Friday, a government statement said.

During the telephone conversation with Haitham Al-Ghais India's oil minister Hardeep Singh Puri "emphasized the importance of balancing market stability, affordability, with pragmatism", said the statement.

India imports more than 85 per cent of its oil needs and traditionally relies on Middle Eastern oil producers, most members of the Organization of the Petroleum Exporting Countries, for most of its requirements.

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