India has agreed to work with Saudi Arabia to enhance the stability of the global oil markets and to balance the global energy market dynamics, according to a joint statement issued on Wednesday.

The statement came after the conclusion of Prime Minister Narendra Modi’s visit to Saudi Arabia, which was cut short following the terror attack in Kashmir’s Pahalgam.

“The Indian side emphasised the need to ensure security of supply for all energy sources in global markets.

“They agreed on the importance of enhancing cooperation in several areas in the energy sector, including the supply of crude oil and its derivatives,” the joint statement said.

The two sides emphasised the importance of cooperation in green and clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, and exchanging expertise and experiences to implement best practices.

“The two sides also acknowledged the need to work on developing supply chains and projects linked to the energy sector, enabling cooperation between companies, enhancing cooperation in the field of energy efficiency and rationalising energy consumption in the buildings, industry, and transportation sectors, and raising awareness of its importance,” the statement said.

On climate change, both sides reaffirmed the importance of adhering to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement and the need to develop and implement climate agreements with a focus on emissions rather than sources.

This was Modi’s third visit to Saudi Arabia. It followed the visit of Crown Prince Mohammed bin Salman to India in September 2023 to participate in the G-20 Summit and co-chair the first meeting of the India-Saudi Arabia Strategic Partnership Council.