Saudi Arabia to supply extra oil cargoes to India!!

On 15 October 2018, Saudi Arabia committed to India's rising oil demand and said it is keen to invest in fuel retailing and petrochemical business in the world's fastest growing energy consumer.

Saudi Arabia is the world's biggest oil exporter and it expects to increase its oil production to 10.7 million barrels per day, Falih said. India, which is the world's third largest oil importer is grappling with increasing crude oil prices and weakening of USD-INR.

India, the world's third biggest oil-importer is facing record high retail prices as international crude rate soared and value of rupee dipped. 

"My frequent visits to India are indicative of the importance Saudi Arabia attaches to this great nation as a critical energy and strategic global player", he said calling the country an "emerging superpower".

Speaking at an energy conference by India Energy Forum by CERAWeek in New Delhi, Falih said, crude oil prices would have breached 100$ mark if it Saudi Arabia hadn't taken steps to balance the oil market.

"The narrative that electric vehicle and solar will take over the market is wrong. This is creating serious risks for the global energy market," he said, adding, renewable and EVs will penetrate market but at a slower pace. Falih said he met Modi and assured him of meeting India's oil demand and to invest here.

He committed to meet India's energy needs and expand bilateral relations. He also said, India is expanding its economy beyond oil and gas.

On Monday, Khalid A. Al-Falih- Saudi Arabia's Minister of Energy, Industry and Mineral Resources praised Prime Minister Narendra Modi for making good on his promise of delivering 'Ache Din' to the people of India. He said doing business in India has become easier under Modi's stewardship, and foreign investment in India has grown while inflation has come under control in Modi's leadership. "Under PM Modi's stewardship, doing business in India has become significantly easier. FDI has grown and inflation is under control. In other words, PM Modi is making good of his promise of Acche Din," Minister Khalid A. Al-Falih said.