India turned towards saudi for supply of crude oil

The Ministers discussed further enhancing India-Saudi Arabia hydrocarbon cooperation to become a strong pillar of the existing overall strategic partnership between the two countries.

New Delhi: Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan held a meeting with H.E. Khalid Al-Falih , Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco.

The Ministers discussed further enhancing India-Saudi Arabia hydrocarbon cooperation to become a strong pillar of the existing overall strategic partnership between the two countries.

Dharmendra Pradhan in a meeting with H.E. Khalid Al-Falih

Minister Al-Falih emphasized the need for capitalizing on the growing momentum in bilateral hydrocarbon cooperation.

Dharmendra Pradhan discussed the current developments in the global oil & gas markets and raised India’s concerns on the recent increase in Asian Premium, disturbances in the Strait of Hormuz impacting the movement of oil / LNG tankers and the decision of OPEC Plus members on extending production cuts, leading to oil price volatility.

He also highlighted the adverse impact that these developments are having on the Indian economy and the need for responsible and reasonable crude pricing in the larger interest of both consuming & producing countries.

The long-term energy partnership between India and Saudi Arabia and reiterated the invitation to Saudi’s state oil company ARAMCO to participate in India’s Strategic Petroleum Reserve Program.

Both the Ministers also reviewed the progress on Saudi investments in Indian oil and gas sector, including the West Coast refinery.