Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced. Brent crude futures were down 38 cents, or 0.5 percent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday.
Saudi Arabia said on Monday two of its oil tankers were damaged in “sabotage attacks” in the Gulf as tensions soared in a region already shaken by a standoff between the United States and Iran.
India is leveraging its relationship with West Asian oil producers such as Saudi Arabia, Kuwait and United Arab Emirates (UAE) to source additional crude oil at similar terms as those entered for annual contracts.
Saudi Arabian Oil Co. is doing its best to make nice with one of its biggest customers. With the ink barely dry on the takeover of 70 percent of the country’s chemical giant Saudi Basic Industries Corp.
It was a state secret and the source of a kingdom’s riches. It was so important that US military planners once debated how to seize it by force. For oil traders, it was a source of endless speculation.
India has imposed anti-dumping duty of up to $1,559 per tonne on imports of a certain type of sheet used in solar cell making from China, Malaysia, Saudi Arabia and Thailand for five years to safeguard domestic players against cheap shipments.
Saudi Arabia’s economy grew in the fourth quarter of last year at its fastest rate since early 2016 due to an expansion in the oil sector, while non-oil growth was sluggish, statistics agency data showed on Sunday.
Saudi Arabia’s energy minister said on Sunday he was optimistic about continued commitment to the oil supply cut agreement between OPEC and non-OPEC members.
Days after deciding to relocate the $44 billion refinery and petrochemical project from Ratnagiri in Maharashtra, the Centre has now asked Saudi Arabia to participate in its plans for building the strategic fuel reserves caves, which is being built in Karnataka and Andhra Pradesh.
With oil prices on the boil just as general elections are announced, Oil Minister Dharmendra Pradhan has asked world’s largest oil exporter Saudi Arabia to play an active role in keeping rates at a reasonable level.