Concern over Asian Premium increase
Khalid Al-Falih, Energy, Industry and Mineral Resources Minister and Chairman of Saudi Aramco, has emphasized the need for capitalizing on the growing momentum in India-Saudi bilateral hydrocarbon cooperation.
This was stated by Al-Falih who held wide ranging discussions with Petroleum and Natural Gas Minister Dharmendra Pradhan during bilateral talks in Delhi on 25 July 2019.
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.
They also reviewed the progress on Saudi investments in Indian oil and gas sector, including the West Coast refinery.
Pradhan highlighted the long-term energy partnership between India and Saudi Arabia and reiterated the invitation to Saudi’s state oil company ARAMCO to participate in India’s Strategic Petroleum Reserve Program.
Pradhan also discussed about the current developments in the global oil & gas markets and raised India’s concerns on the recent increase in Asian Premium.
He also expressed concern about disturbances in the Strait of Hormuz impacting the movement of oil and LNG tankers and the decision of OPEC Plus members on extending production cuts, leading to oil price volatility.
Pradhan pointed out the adverse impact that these developments are having on the Indian economy and highlighted the need for responsible and reasonable crude pricing in the larger interest of both consuming and producing countries. fiinews.com
