Against a backdrop of prolonged global volatility triggered by geopolitical tensions, Union Petroleum and Natural Gas Minister Hardeep Singh Puri stated on Tuesday that while fuel prices have risen sharply in major world economies, India has effectively shielded its citizens from severe price shocks. Speaking at the inauguration of India Energy Week in Goa, Puri emphasized that India recognizes the rising energy demand across developing economies and has offered to collaborate with other nations to build a secure, resilient, and inclusive energy future through cooperation, innovation, and shared responsibility.
India's Strategic Energy Partnerships and Transition
UAE Minister for Industry and Advanced Technology and Adnoc Managing Director and Group CEO Sultan Al Jaber remarked that the pace and scale of India's growth necessitate a special kind of partnership—one that is strategic, long-term, agile, and flexible. While India is steadily transitioning towards renewable and alternative energy sources, Puri noted that conventional fuels will remain essential to meet the growing demand. He asserted that energy transition, energy security, and system resilience must advance together, with energy addition emerging as a practical pathway to balance these priorities.
Warning Against Under-Investment in Oil and Gas
Puri issued a stark warning against under-investment in the energy sector. He explained that if investment in existing oil and gas production were to halt today, global oil output would decline by approximately 8% annually over the next decade. This decline is equivalent to losing more than the combined annual production of Brazil and Norway each year, highlighting the critical need for sustained investment to maintain global energy stability.
Global Energy Trends and India's Role
On the global electricity front, Puri observed that renewables have expanded rapidly, with their share increasing from about one-fifth a decade ago to nearly one-third today. However, he stressed that conventional energy continues to play a critical role in the global energy mix. With the energy sector under pressure from geopolitical shifts and structural changes, nearly 80% of incremental global energy demand is coming from emerging and developing economies. This trend is expected to intensify as access to mobility, cooling, and digital services expands worldwide.
Ensuring affordable and clean energy access remains a key development and equity challenge, Puri added. As the world's third-largest energy consumer, India is actively building capacity, improving market conditions, and supporting the full energy mix through reforms and investments. He described India Energy Week as one of the world's most significant platforms for energy dialogue, cooperation, and leadership.
UAE-India Partnership: A Model for Global Cooperation
Al Jaber emphasized that reliable partnerships are the real strategic reserve in the energy sector. He urged leaders to look beyond short-term volatility and focus on the transformative opportunities presented by rising global energy demand. India has emerged as a decisive driver of this demand, and progress at such scale requires a partnership that is strategic, long-term, agile, flexible, steadfast, and based on trust—qualities that define the UAE-India relationship.
He further highlighted that the UAE leadership has built an economy open to the world, signing 35 comprehensive economic partnership agreements in just three years, including its first with India. Additionally, the UAE attracted more than $45 billion in strategic foreign direct investment in 2025, underscoring its commitment to global economic integration and collaboration.
