World’s largest oil exporter Saudi Arabia and richest Indian Mukesh Ambani-run Reliance Industries Ltd are discussing joint investment in petrochemicals and oil refinery projects, Saudi oil minister Khalid al-Falih said.
After flooding the US market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories.
Saudi Arabia has offered to supply India with oil and petroleum products it needs to meet its growing energy demands during a meeting between Prince Mohammed bin Salman bin Abdulaziz and Prime Minister Narendra Modi, official Saudi media reported on Friday.
The UAE and Saudi Arabia have stood by India + to cover deficits in oil supplies in the past and would do so in the future, said Ahmed Al Banna, UAE envoy to India.
Oil prices fell on Tuesday, depressed by record Saudi Arabian production even as the kingdom tried to persuade other exporters to agree output cuts ahead of an OPEC meeting next week.
US oil prices dipped to their lowest level in more than a year after US President Trump strongly defended the country’s ties with the Saudi Arabian government, The Wall Street Journal reported.
ACWA Power, a Saudi Arabia-based firm involved in the development, construction, and operation of power generation and desalination of water plants, has announced the financial closure of the Sakaka solar project.
Saudi Arabia is not preparing for a break up of OPEC and believes the group will remain the global central bank for oil for a long time, Saudi Energy Minister Khalid al Falih said on Monday.
India is in talks with Saudi Arabia to store its oil in storage facilities in Padur, south India, said the country’s petroleum minister on Monday. Last week, India approved a plan to allow foreign oil companies
Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut.