India will press Saudi Arabia and the US, the world’s biggest oil producers, this month for a reduction in oil prices to provide relief to fuel consumers, Oil Minister Dharmendra Pradhan said today.
India will press Saudi Arabia and the US, the world’s biggest oil producers, this month for a reduction in oil prices to provide relief to fuel consumers, Oil Minister Dharmendra Pradhan said on Thursday.
“We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation,” Faleh said before a meeting between OPEC and non-OPEC countries in Muscat.
The United States are set to overtake Saudi Arabia as the world’s number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said today.
Gulf OPEC producers plan to keep their oil output in the first quarter of 2018 below the year-earlier level despite strong demand growth and a decline in global inventories, a senior OPEC source familiar with Gulf oil thinking said on Friday.
Saudi Arabia today announced that Aramco had been granted new status allowing individuals to hold shares in the oil giant, which it aims to float on the stock market this year.
Saudi Arabia’s King Salman and Russian President Vladimir Putin held a telephone conversation on Thursday during which they agreed to continue close cooperation to ensure stability on global hydrocarbon markets, the Kremlin said in a statement.
India’s top crude oil supplier is no longer Saudi Arabia, it is Iran. Saudi Arabia has traditionally has been India’s top oil source but in the April-October period of 2017-18, Iraq dethroned it due to its discounted price.
OPEC is expected to stick to its current policy of output cuts in the second half of 2018, but oil producers have plenty of supply with which to respond to any sudden disruptions, Saudi Arabian energy minister Khalid al-Falih told reporters on Monday.
The world will still have a surplus of oil by end-March next year, Saudi Arabia’s energy minister said, signalling a willingness to extend output cuts when Opec meets at the end of November on whether to extend caps well into 2018.