Saudi help being sought to keep oil prices down

Saudi help being sought to keep oil prices down

Agency News

With oil prices on the boil, the Union Oil Minister, Mr.  Dharmendra Pradhan has asked world’s largest oil exporter Saudi Arabia to play an active role in keeping rates at a reasonable level.

Petrol and diesel prices have risen by over Rs 2 per litre in the past one month as international rates have risen on hopes of the US and China ending the trade war that has slowed down the global economic growth and OPEC ally Russia saying it would ramp up its crude supply cuts. Dharmendra Pradhan raised the issue of rising prices with the visiting Saudi Oil Minister, Khalid Al-Falih, on Sunday and sought a role of the Kingdom in cooling rates.

'Shared my concern on the rising oil prices and sought active role to be played by Saudi Arabia for keeping oil prices at reasonable level,' he tweeted after the meeting.

An official statement said: 'During the meeting, Mr. Pradhan referred to Saudi Arabia’s pre-eminent role as a leading producer of crude oil in the world, and in maintaining global oil market balance.'

'He raised concerns about increasing trend in global crude oil prices. He also pointed to the need for uninterrupted supplies of crude oil and LPG to India in view of the OPEC-plus (decision to) cut (output),' it said.

Both ministers, it said, also discussed about the possible adverse impact of recent geopolitical developments on the global oil market.  It, however, did not say about the Saudi Oil Minister’s response to India’s demand.

Petrol and diesel prices, which are revised daily, have been on the rise for the last one month or so. Petrol price in Delhi increased by Rs 2.12 a litre to Rs 72.40 on Sunday, while diesel rates have risen by Rs 2.03 to Rs 67.54 per litre. The statement said the visit of the Saudi Oil Minister was a follow up of first State visit of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud last month.

'Both ministers agreed to take concrete steps for early implementation of the decisions taken in the oil and gas sector during the visit of His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to India last month,' it said.