Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Saudi Arabia on Monday committed to meeting India’s rising oil demand and said it is keen to invest in fuel retailing and the petrochemical business in the world’s fastest-growing energy consuming nation. PTI reported.
Petroleum Minister Khalid Al Falih said the kingdom expects its oil production to rise next month from the current 10.7 million barrels per day and that it has the required capacity in place to do so. Falih made the remarks on the sidelines of the India Energy Forum in Delhi. This comes in the backdrop of volatile crude oil prices and US reimposing sanctions on Iran. which will come into effect from November 4.
Saudi Arabia is India’s second largest oil supplier after Iraq and is committed to meet any shortfall that may arise due to sanctions on Iran. he said.
“Saudi Arabia has the capacity to produce 12 million bpd [barrels per day] and is currently producing 10.7 million bpd and production will rise further next month.“ Al Falih said. according to LANS.
Al Falih said his visits to India are indicative of the importance “Saudi Arabia attaches to this great nation as a critical energy and a strategic global player“ and called the county an “emerging superpower“.
“I had the privilege of meeting Prime Minister Narendra Modi and Oil Minister Dharmendra Pradhan today [Monday].“ Al Falih said. “I assured them of our full and continued commitment of meeting India’s oil demand as well as continuing to invest here in India.“
Al Falih assured India of Saudi Arabia’s commitment to supply energy needs. especially oil. and to promote market stability and to offset any market shortfall.
On Monday. Prime Minister Narendra Modi urged foreign oil companies to review their terms of payment to provide temporary relief to the rupee. Ministers from Saudi Arabia and the United Arab Emirates as well as chief executive officers from the World Bank. the International Energy Agency and other companies participated in the meeting.
