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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.