NEW DELHI: India on Friday expressed concern over traits within the Strait of Hormuz impacting oil costs and sought Opec-kingpin Saudi Arabia's energetic role in keeping charges at affordable levels.
Brent oil on Thursday jumped about Five in keeping with cent, essentially the most since January, and is now trading near $65 a barrel. This comes after tensions ran high within the region after US President Donald Trump approved after which later referred to as off military strikes in opposition to Tehran following shooting down of an American Navy drone over the strait by Iranian forces.
Oil minister Dharmendra Pradhan discussed the situation with Saudi oil minister Khalid Al Falih.
"Expressed concern on the developments in the Strait of Hormuz leading to rising crude oil price. Reiterated the sensitivity of Indian consumers to prevailing oil price volatility. Sought active role of #SaudiArabia within Opec & Opec Plus for keeping oil prices at reasonable levels," Pradhan tweeted.
About a quarter of the world's LNG and about one-fifth of the world's oil transits in the course of the Strait of Hormuz, the narrow sea conduit that borders Iran.
"Had a telephonic conversation with HE @Khalid_AlFalih, Minister Of Energy, Industry & Mineral Resources, Saudi Arabia and discussed about further strengthening cooperation in hydrocarbon sector to enhance strategic partnership that exists between India and Saudi Arabia," Pradhan mentioned.
"Discussed about Saudi interests in energy sector in India to further bolster our bilateral ties. Also reviewed with HE @Khalid_AlFalih the progress of Saudi investments in India's refining & petrochemical sectors."
Earlier this week, Pradhan spoke to UAE minister and Abu Dhabi National Oil Company (ADNOC) Group CEO Sultan Ahmed Al Jaber who assured India of uninterrupted supply of oil and LPG in spite of disruptions within the Strait of Hormuz.
India is 83 in keeping with cent dependent on imports to meet its oil needs and is reliant on nations just like the UAE to meet part of its cooking gas (LPG) needs.
"Expressed concern at the supply disruptions in the Strait of Hormuz. Dr Jaber assured me of oil and LPG supplies to India despite the disruptions," he had tweeted on Monday.
Prior to that, Pradhan had on June 10 spoken to US secretary of power Rick Perry to discuss the have an effect on of crude oil price volatility on eating nations.
India has over and over again warned oil producers that upper crude costs are hurting international economic growth they usually must do more to bring down charges to affordable levels.
Volatility in oil costs has resulted in a see-saw in retail petrol and diesel costs, with charges rising on some days and falling on different.
The executive is taking a look at personal funding to boost domestic oil and gas manufacturing, which has stagnated for the previous couple of years while gasoline call for has been rising by Five-6 in keeping with cent yearly.
Prime Minister Narendra Modi in 2015 had set a goal of reducing India's oil dependence by 10 in keeping with cent to 67 in keeping with cent by 2022 (from 77 in keeping with cent in 2014-15). However, import dependence has handiest greater since then and the government is now in search of techniques to boost domestic output.
Brent oil on Thursday jumped about Five in keeping with cent, essentially the most since January, and is now trading near $65 a barrel. This comes after tensions ran high within the region after US President Donald Trump approved after which later referred to as off military strikes in opposition to Tehran following shooting down of an American Navy drone over the strait by Iranian forces.
Oil minister Dharmendra Pradhan discussed the situation with Saudi oil minister Khalid Al Falih.
"Expressed concern on the developments in the Strait of Hormuz leading to rising crude oil price. Reiterated the sensitivity of Indian consumers to prevailing oil price volatility. Sought active role of #SaudiArabia within Opec & Opec Plus for keeping oil prices at reasonable levels," Pradhan tweeted.
Expressed concern on the traits within the Strait of Hormuz leading to rising crude oil price.Reiterated the sens… https://t.co/JhJFpmkspg
— Dharmendra Pradhan (@dpradhanbjp) 1561129490000About a quarter of the world's LNG and about one-fifth of the world's oil transits in the course of the Strait of Hormuz, the narrow sea conduit that borders Iran.
"Had a telephonic conversation with HE @Khalid_AlFalih, Minister Of Energy, Industry & Mineral Resources, Saudi Arabia and discussed about further strengthening cooperation in hydrocarbon sector to enhance strategic partnership that exists between India and Saudi Arabia," Pradhan mentioned.
"Discussed about Saudi interests in energy sector in India to further bolster our bilateral ties. Also reviewed with HE @Khalid_AlFalih the progress of Saudi investments in India's refining & petrochemical sectors."
Had a telephonic dialog with HE @Khalid_AlFalih, Min. Of Energy, Industry & Mineral Resources, Saudi Arabia a… https://t.co/K2K1LLeZLt
— Dharmendra Pradhan (@dpradhanbjp) 1561129490000Earlier this week, Pradhan spoke to UAE minister and Abu Dhabi National Oil Company (ADNOC) Group CEO Sultan Ahmed Al Jaber who assured India of uninterrupted supply of oil and LPG in spite of disruptions within the Strait of Hormuz.
India is 83 in keeping with cent dependent on imports to meet its oil needs and is reliant on nations just like the UAE to meet part of its cooking gas (LPG) needs.
"Expressed concern at the supply disruptions in the Strait of Hormuz. Dr Jaber assured me of oil and LPG supplies to India despite the disruptions," he had tweeted on Monday.
Prior to that, Pradhan had on June 10 spoken to US secretary of power Rick Perry to discuss the have an effect on of crude oil price volatility on eating nations.
India has over and over again warned oil producers that upper crude costs are hurting international economic growth they usually must do more to bring down charges to affordable levels.
Volatility in oil costs has resulted in a see-saw in retail petrol and diesel costs, with charges rising on some days and falling on different.
The executive is taking a look at personal funding to boost domestic oil and gas manufacturing, which has stagnated for the previous couple of years while gasoline call for has been rising by Five-6 in keeping with cent yearly.
Prime Minister Narendra Modi in 2015 had set a goal of reducing India's oil dependence by 10 in keeping with cent to 67 in keeping with cent by 2022 (from 77 in keeping with cent in 2014-15). However, import dependence has handiest greater since then and the government is now in search of techniques to boost domestic output.
India expresses concern over rising oil prices
![India expresses concern over rising oil prices]()
Reviewed by Kailash
on
June 21, 2019
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