India expresses concern over rising crude oil prices

News Bharati    22-Jun-2019
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New Delhi, June 22: Rising crude oil prices have made a concerning topic for India following developments in the Strait of Hormuz. In a tweet, Petroleum and Natural Gas Minister Dharmendra Pradhan sought the active role of Saudi Arabia within OPEC and OPEC Plus to keep oil prices at reasonable levels.

 

Minister Pradhan said, he had a telephonic conversation with Khalid AlFalih, Minister of Energy, Industry and Mineral Resources, Saudi Arabia in this regard. He said, he discussed ways to strengthen cooperation in the hydrocarbon sector to enhance strategic partnership that exists between the two countries.

Pradhan told Falih by telephone that he wanted Saudi Arabia to play an active role within OPEC and OPEC+ to keep oil prices at a reasonable level.

The Minister also reviewed the progress of Saudi investments in India’s refining and petrochemical sectors.

 

Brent oil Thursday jumped about 5%, the most since January, and is now trading near $65 a barrel. This comes after tensions ran high in the region after US President Donald Trump approved and then later called off military strikes against Tehran following shooting down of an American Navy drone over the strait by Iranian forces.