India, the world’s third largest oil consumer, said on Thursday it had received assurances from the world’s top oil exporter Saudi Arabia it would ensure adequate supplies to keep a lid on soaring oil prices.
The statement came as oil prices rose back to $80 per barrel for the first time since 2014 due to rising concerns over disruptions to Iranian oil exports because of new U.S. sanctions and due to plummeting output in Venezuela.
India’s Petroleum Minister Dharmendra Pradhan said on Twitter that Saudi energy minister Khalid al Falih had assured him Riyadh and other producers would “ensure availability of adequate supplies to offset any potential shortfalls and ensure that prices remain reasonable”.
“I expressed my concern about rising prices of crude oil and its negative impact on consumers and the Indian economy and reiterated the need for stable and moderate crude oil prices,” Pradhan said. Read More