India Need Not Fear Oil Shortage: UAE Envoy


India Need Not Fear Oil Shortage: UAE Envoy

Even as the US-imposed sanctions on Iran has put India’s energy security in jeopardy, UAE Ambassador to India Ahmed Albanna has allayed fears of an oil shortage, saying his country as well as Saudi Arabia can fill in if supply from Iran is disrupted.

“In the international market, the law of demand and supply controls the prices,” Albanna told IANS here in an exclusive interview when asked about rising fuel prices in India.

“Production is the important element there… to ensure that the production is enough for the world consumption of oil,” he said.

He said that consumer countries have been faced with most of the problems because of challenges faced by some Organisation of Petroleum Exporting Countries (OPEC) countries as also non-OPEC countries. Read More

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