Minister of Petroleum Discusses Adverse Impact Of Global Oil Market Developments On Indian Economy

Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Steel held a meeting in New Delhi with H.E. Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco. Both the Ministers discussed about further enhancing India-Saudi Arabia hydrocarbon cooperation to become a strong pillar of the existing overall strategic partnership between the two countries. Minister Al-Falih emphasized the need for capitalizing on the growing momentum in bilateral hydrocarbon cooperation.

Pradhan discussed about the current developments in the global oil & gas markets, and raised India's concerns on the recent increase in Asian Premium, disturbances in the Strait of Hormuz impacting the movement of oil / LNG tankers and the decision of OPEC Plus members on extending production cuts, leading to oil price volatility. He also highlighted the adverse impact that these developments are having on the Indian economy. He also highlighted the need for responsible and reasonable crude pricing in the larger interest of both consuming & producing countries.

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