India Expresses Concern Over Rising Crude Oil Prices Amid Escalating US-Iran Tensions

Amid escalating tensions between United States and Iran in the Strait of Hormuz, Minister of Petroleum and Natural Gas Dharmendra Pradhan expressed concerns about the rising crude oil prices to his Saudi Arabian counterpart Khalid al-Falih, reports Economic Times.

Pradhan, in a telephonic conversation, told Falih that India wanted Saudi Arabia to play an active role within Organisation of Petroleum Exporting Countries (OPEC) and OPEC plus discussions to regulate the oil prices to keep them at a reasonable level.

According to the report, global oil prices rose sharply on fears of a US military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.

“Shri Pradhan, referring to the developments in the Strait of Hormuz, conveyed his concern on rising crude oil prices. He also reiterated the sensitivity of Indian consumers to prevailing crude oil price volatility. Shri Pradhan has sought active role of Saudi Arabia within OPEC and in the OPEC Plus discussions  for keeping oil prices at a reasonable level,” said a statement from Ministry of Petroleum and Natural Gas.

Pradhan also sought for further enhancing cooperation in the hydrocarbon sector and enhancing of the strategic partnership between both the countries.