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India says has Saudi assurances on supply as oil hits $80 per barrel

Reuters  |  NEW DELHI 

By Nidhi Verma

NEW DELHI (Reuters) - India, the world's third largest oil consumer, said on Thursday it had received assurances from the world's top it would ensure adequate supplies to keep a lid on soaring

The statement came as rose back to $80 per barrel for the first time since 2014 due to rising concerns over disruptions to Iranian because of new U.S. sanctions and due to plummeting output in

India's said on that Saudi minister had assured him and other producers would "ensure availability of adequate supplies to offset any potential shortfalls and ensure that prices remain reasonable".

"I expressed my concern about rising prices of and its negative impact on consumers and the Indian economy and reiterated the need for stable and moderate prices," Pradhan said.

is one of the world's fastest growing consumers and its only lags behind the and

OPEC and its ally have cut their output since January 2017 to help reduce excessive global stockpiles.

So far OPEC has said it saw no need to ease output restrictions despite global stocks falling to its desired levels and despite consuming nations voicing concerns the price rally might have gone too far and could lead to demand destruction.

OPEC member the said on Thursday OPEC had bigger issues to consider than the impact of the U.S. decision to withdraw from the international nuclear deal with such as Venezuela's collapsing output.

U.S. has also called on OPEC to help cool saying they were artificially high and that it was "unacceptable".

(Reporting by Nidhi Verma; writing by Dmitry Zhdannikov; Editing by Alexandra Hudson)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 21:32 IST