We take PM Modi’s views seriously while deciding oil prices: Saudi minister


Team Udayavani, Dec 7, 2018, 11:49 AM IST

Vienna/New Delhi: Oil cartel OPEC will consider views of world leaders such as Prime Minister Narendra Modi, who represent the voice of major consuming nations, with seriousness before taking a decision on cutting output to support falling prices, Saudi oil minister Khalid Al Falih said on Thursday.

India is the world’s third largest oil consuming nation, which is more than 80 per cent dependent on imports to meet its energy needs.

Led by PM Modi, it has been very strongly making a case for oil producers’ cartel OPEC to price crude at reasonable and responsible rates.

Speaking to reporters at the meeting of the Organisation of Petroleum Exporting Countries (OPEC), Saudi oil minister Khalid Al Falih said: “We take the views of Prime Minister Narendra Modi seriously who (like US President Donald Trump) is equally vocal about the issue. We just met him in Buenos Aires (during G20 summit) and privately he made those points very very strongly that he does care for Indian consumers and is very serious about it. I have also seen him at three times at various energy events in India where he was very vocal.”

He was replying to a question on US President’s expectations from OPEC meeting.

“Well, President Trump is the president of the largest consuming country in the globe — 21 million (barrels), I believe, or thereabouts. That’s 20 per cent of global markets if not more. And the consumer in the US, just like the consumer in France, just like the consumer in India, just like the consumer in Saudi Arabia, wants affordable energy. So, he (Trump) has every right to wish for affordability of energy for the citizens of the United States and he is very vocal using his favourite communication tool which is Twitter and we hear him and we take his views seriously,” he said.

Ahead of the meeting, Trump in a tweet had hoped that OPEC will keep oil flowing and not take decisions that would lead to higher oil prices.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!,” he had said.

Consuming nations are part of OPEC deliberations even when they are not physically present in the meeting room, the Saudi oil minister said.

“And the fact that President Trump tweets about it and reminds us, I think, is a healthy thing and we take it as one input factor but at the end of the day our most important guiding principle is to bring supply and demand into balance and we don’t think the US will benefit from an over-supply market for an extended period of time where investment flows stop and the fantastic growth in US shale is brought to a halt in the way it happened in 2015-2016,” he said. OPEC on Thursday delayed a decision on production until it meets with other producers on Friday. Following this, crude oil prices traded sharply lower. Growing concerns that oil producers won’t reach an agreement to aggressively reduce production has also weighed on prices.

West Texas Intermediate crude for January delivery lost USD 2.30, or 4.4 per cent, to USD 50.59 a barrel on the New York Mercantile Exchange.

Members of OPEC concluded their meeting in Vienna, without deciding on output-cut figures. It plans to debate output figures with non-OPEC producers during their meeting Friday.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

FIR against Sanjay Raut’s brother for remarks against Shiv Sena’s woman leader

Kodagu murder case accused escapes from police in Hyderabad

Karnataka Maritime Board announces plans for Mangaluru Water Metro Project

Royal Enfield forays into electric bike segment; unveils first model under Flying Flea brand

US going to historically tight presidential election

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN

Related Articles More

US going to historically tight presidential election

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Khalistanis clash with people at Hindu temple in Canada, Trudeau says unacceptable

Trump says he would not mind somebody ‘shooting’ at him through fake news

US Elections: New Iowa poll shows Kamala Harris leading in presidential race

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

FIR against Sanjay Raut’s brother for remarks against Shiv Sena’s woman leader

Kodagu murder case accused escapes from police in Hyderabad

New software for fast-tracking project approvals: Karnataka Minister Patil

Karnataka Maritime Board announces plans for Mangaluru Water Metro Project

In-flight passengers can access WiFi services only when allowed, say new rules

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.