The UAE odownplayed India’s concerns about rising fuel prices and possible oil shortage after the six-month US relief to stop import of Iranian oil by New Delhi ends, saying the emirate and Saudi Arabia have stood very strongly with India to cover the deficit in the past.
Amid protest against a proposed refinery in Maharashtra involving India, the UAE and Saudi Arabia, the Gulf nation’s envoy to India Ahmed Albanna said the state government will allocate land in coming weeks. In a media briefing this week, Foreign Secretary Vijay Gokhale said Prime Minister Narendra Modi will raise the issue of volatility in global oil prices at the G20 Summit in Argentina.
Responding to a question on whether there will be a demand-supply mismatch, especially after the six-months relief given by the US to cut down oil imports from Iran ends, the envoy said fuel prices are determined by demand by different markets globally. Read More