Union Minister Dharmendra Pradhan speaks to Saudi Minsiter, raises concerns over rising oil prices

India on Friday expressed its concern over rising crude oil prices amid US and Iran tensions. Minister for Petroleum and Natural Gas Resources Dharmendra Pradhan on Friday had a telephonic discussion with Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih and urged him to keep oil prices at a "reasonable level."

"The two leaders also discussed the recent geopolitical developments impacting crude oil prices," said an official statement. 

Oil prices rallied towards USD 65 per barrel amid fears of a US military attack on Iran, which would disrupt the flow of oil from the Middle-East. Escalating the tensions, Iran has claimed that its forces on Thursday shot down US military surveillance drone over the Strait of Hormuz, the world's most strategically important point through which one-third of the world's liquefied natural gas and almost 20 per cent of total global oil consumption passes. 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," read the statement.

"Pradhan has sought an active role of Saudi Arabia within OPEC and in the OPEC Plus discussions for keeping oil prices at a reasonable level," it added.

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India and Saudi Arabia also pledged to further strengthen cooperation in the hydrocarbon sector to enhance the strategic partnership that exists between India and Saudi Arabia.

"The two leader discussed further strengthening cooperation in the hydrocarbon sector to enhance the strategic partnership that exists between India and Saudi Arabia," added the statement. 

The Ministers also discussed Saudi interests in India's energy sector to further bolster bilateral ties. They agreed to expedite the implementation of various initiatives to transform the hydrocarbon engagement from a buyer-seller one into a comprehensive one.

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