Saudi to aid India in case of oil shortfall

Saudi to aid India in case of oil shortfall

Saudi Arabia has promised to augment its crude oil export to India in case of any shortfall in the supply from Iran in the wake of United States sanctions on the Persian Gulf nation.

Energy security figured prominently in Prime Minister Narendra Modi’s recent meeting with Saudi Arabia’s Crown Prince Mohammad bin Salman al Saud, who is also known as MBS, in Buenos Aires. MBS reassured Modi that Saudi Arabia would be ready to help India maintain its energy security in case of any contingency caused by US sanctions on export of crude oil from Iran, sources in New Delhi said.

Saudi Arabia has been the biggest supplier of crude oil to India followed by Iraq and Iran. India has been importing an average of 25 million barrels of crude oil from Saudi Arabia every month.

After the US reimposed sanctions on Iran particularly targeting the oil export from the West Asian nation, India imported an additional four million barrels from Saudi Arabia in November. Read More

Leave a Reply

Your email address will not be published.