India, Saudi Arabia Agree to Increase Global Oil Market Stability, Clean Energy Cooperation

India and Saudi Arabia have committed to collaborating on enhancing the stability of global oil markets and balancing energy market dynamics, as outlined in a joint statement released on Wednesday. This announcement followed Prime Minister Narendra Modi's visit to Saudi Arabia, which was abbreviated due to a terrorist attack in Pahalgam, Kashmir.

The Indian delegation highlighted the necessity of ensuring a secure supply of all energy sources in global markets. Both nations recognized the significance of strengthening cooperation in various energy sectors, particularly in the supply of crude oil and its derivatives.

Additionally, the two countries emphasized the importance of collaboration in green and clean hydrogen initiatives, which include stimulating demand, developing technologies for hydrogen transport and storage, and sharing expertise to implement best practices.

They also acknowledged the need to develop supply chains and projects related to the energy sector, facilitate cooperation among companies, improve energy efficiency, and promote rational energy consumption in buildings, industry, and transportation, while raising awareness of its significance.

Regarding climate change, both parties reaffirmed their commitment to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, emphasizing the need to create and implement climate agreements focused on emissions rather than sources.

This visit marked Modi's third trip to Saudi Arabia, following Crown Prince Mohammed bin Salman's visit to India in September 2023 for the G-20 Summit and the inaugural meeting of the India-Saudi Arabia Strategic Partnership Council.