Crude Oil: Saudi Minister Assures Adequate Supply, Price Stability to India | CORPORATE ETHOS

Crude Oil: Saudi Minister Assures Adequate Supply, Price Stability to India

By: | May 18, 2018
H E Khalid Al-Falih

May 18: H E Khalid Al-Falih, Saudi Arabia Minister for Energy, Industry and Mineral Resources has assured India that the nation is committed to ensure stable supplies of crude oil and price stability for the commodity.

Saudi Arabia’s Minister talked to  Shri Dharmendra Pradhan, Minister of Petroleum and Natural Gas of India to discuss continued joint cooperation between the two countries and in particular the current oil market situation. Al-Falih updated Minister Pradhan on his ongoing consultations with colleagues from major producing countries both inside and outside of OPEC, including Alexander Novak, Minister of Energy, Russia and Suhail Al Mazroui, Minister of Energy of the UAE who is also the President of the OPEC Conference.

Minister Pradhan expressed his concern about rising prices and its negative impact on consumers and the Indian economy. Minister Pradhan emphasised his desire for stable and moderate prices. Minister Al-Falih assured Minister Pradhan that supporting global economic growth is one of the Kingdom’s key goals. He reiterated his commitment towards stable supplies and that the Kingdom together with other producers will ensure availability of adequate supplies to offset any potential shortfalls and ensure that prices remain reasonable.