Business Economy

Pradhan reiterates India’s oil price concerns to Saudi Arabia

Petroleum Minister Dharmendra Pradhan, in a telephonic discussion with Saudi Arabia’s Energy Minister Khalid Al-Falih, highlighted Indian consumers’ sensitivity to oil price volatility and sought Saudi Arabia’s active participation within OPEC to keep oil prices at a “reasonable” level.

“Today, Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan had a telephonic conversation with Mr. Khalid Al-Falih, Minister of Energy, Industry & Mineral Resources, Saudi Arabia and discussed about further strengthening cooperation in the hydrocarbon sector to enhance the strategic partnership that exists between India and Saudi Arabia,” the Ministry of Petroleum said in a statement.

The two Ministers discussed the recent geo-political developments impacting crude oil prices and Mr. Pradhan, referring to the developments in the Strait of Hormuz, conveyed his concern on rising crude oil prices.

“He also reiterated the sensitivity of Indian consumers to prevailing crude oil price volatility,” the statement added. “Shri Pradhan has sought active role of Saudi Arabia within OPEC and in the OPEC Plus discussions for keeping oil prices at a reasonable level.”

They also discussed Saudi Arabia’s interests in India’s energy sector and Mr. Pradhan reviewed the progress of that country’s investments in India’s refining and petrochemical sectors.

Source: thehindu.com

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