Elections round the corner, Govt voices concerns on high Crude Oil prices to Saudi Arabia

March 10, 2019:

In 2017-18, India's crude oil imports from Saudi Arabia were 36.8 million tons.

Petroleum Minister Dharmendra Pradhan has conveyed India's concerns over rising crude oil prices & its effect on the domestic fuel rates in his meeting with Saudi Arabian Minister of Energy, Khalid Al-Falih, an official said.

Speaking to Al-Falih here on Saturday, Pradhan talked of the need for uninterrupted supplies of crude oil & LPG to India in view of the supply cut by Organization of Petroleum Exporting Countries (OPEC) & other major oil producers. Al-Falih's visit follows the first state visit of the Saudi Crown Prince Mohammed bin Salman in February this year.

"Both ministers also discussed about the possible adverse impact of recent geopolitical developments on global oil market," the statement said.

The ministers also reviewed various Saudi investment proposals in the Indian oil & gas sector, including the the implementation of the first joint venture West Coast Refinery & Petrochemical Project in Maharashtra, estimated to cost $44 billion, which will be the largest greenfield refinery in the world, it said.

They also discussed Saudi Arabia's participation in the Indian Strategic Petroleum Reserve (SPR) Programme. Saudi Arabia is the second largest supplier of crude & LPG to India.

In 2017-18, India's crude oil imports from Saudi Arabia were 36.8 million tons (MMT), accounting for 16.7 per cent of our total imports. Source Link