India & Saudi Arabia seek to enhance bilateral hydrocarbon cooperation

Mr. Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Steel, held a meeting in New Delhi with Mr. Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, Saudi Arabia and Chairman, 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. Mr. Al-Falih emphasized the need for capitalizing on the growing momentum in bilateral hydrocarbon cooperation.

Mr. 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, and the need for responsible and reasonable crude pricing in the larger interest of both consuming & producing countries.

Mr. Pradhan highlighted the long-term energy partnership between India and Saudi Arabia and reiterated the invitation to Saudi Aramco to participate in India’s Strategic Petroleum Reserve Program. Both the Ministers also reviewed the progress on Saudi investments in Indian oil and gas sector, including the West Coast refinery.