India expresses concern over current oil market situation

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Minister of Petroleum and Natural Gas Dharmendra Pradhan has expressed concern about rising prices of crude oil and its negative impact on consumers and the Indian economy and has urged the Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih to keep prices stable and moderate.

According to an official statement, Khalid Al-Falih called Pradhan “to discuss continued joint cooperation between the two countries and in particular the current oil market situation”.

The Khalid Al-Falih updated Pradhan on his ongoing consultations with colleagues from major producing countries both inside and outside of Organization of Petroleum Exporting Countries (OPEC), including Russian Energy Minister Alexander Novak and UAE Oil Minister Suhail Al Mazroui, Minister, who is also the President of the OPEC Conference, said the statement.

He also assured 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,” the statement added.

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