New Delhi: Oil minister Hardeep Puri has called for closer cooperation between India and OPEC to advance a balanced, stable and predictable energy market, according to a joint statement issued after a meeting of the India-OPEC energy dialogue in New Delhi on Tuesday.

The meeting was co-chaired by Puri and OPEC secretary general Haitham Al Ghais. The talks focused on oil market stability, energy security and the importance of adequate and timely investment across the oil industry.

Puri appreciated "OPEC's efforts towards promoting stability and transparency in global energy markets during a period marked by geopolitical uncertainties and market volatility," according to the statement.

Also Read | India’s Russian oil imports fall 16.5% in August as Middle East supplies rise

"A sustained dialogue between producers and consumers is essential to support investment, strengthen energy resilience and ensure reliable energy supplies for global growth and development," Puri said.

Al Ghais said dialogue with India is a priority for OPEC. "We recognise India's importance within the current global energy landscape and the fact that this importance will only increase in the decades ahead," he said.

Also Read | Indian Oil approves Rs 2,449 crore for Kochi-Kanyakumari-Thoothukudi natural gas pipeline development

The OPEC-India Energy Dialogue started in 2015, and the latest meeting was the seventh in the series.

OPEC produced about 20 million barrels per day, or a fifth of total global supply in August, according to the International Energy Agency (IEA). Along with its allies, led by Russia, OPEC produced 33 mbd or a third of global supply.