Pradhan expresses concern over high oil prices with Saudi Minister

Pradhan expresses concern over high oil prices with Saudi Minister

Indian oil minister Dharmendra Pradhan said Thursday he has called his Saudi counterpart, Khalid Al-Falih, to voice concerns regarding increasing crude oil prices, Kallanish Energy reports.

It has taken 500 days and the sacrifice of nearly a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia's desired level of $80 a barrel. "Also for the United States itself, even though it is close to the tipping point between being a net oil importer or an exporter, oil prices at current levels are likely to be a bigger drag on consumption than they are a boon to business investment".

"Today, we held detailed discussions over telephone with Saudi oil minister Khalid Al-Falih; (and) reviewed bilateral energy cooperation and in particular the current oil market situation", Pradhan said on his Twitter account. "He reiterated his commitment towards stable supplies and that the Kingdom together with other producers will ensure availability of adequate supplies to offset any potential shortfalls and ensure that prices remain reasonable", the statement added.

While Saudi Arabia will gain from rising oil prices, the Indian economy will be hit hard by the escalating prices and the impact it has on consumers in the world's third largest oil consumer.

Saudi Arabia is thought to be targeting $100 per barrel ahead of its IPO, while rival Iran is satisfied by a more conservative $60-$65 per barrel. Russian Federation is the largest non-member state contributor to its effort to drain a five-year surplus from the oil inventories of the world's advanced economies with coordinated production cuts. Brent crude oil is now priced above $79 per barrel. India is one of the world's fastest growing energy consumers and its oil use only lags behind the United States and China.

The price of oil may be approaching the point where it creates headwinds for the global economy, particularly for economies that depend on imports for their oil.

Related Articles

  • Candidate's 'deportation bus' back on road after breakdown

    Candidate's 'deportation bus' back on road after breakdown

    Nathan Deal have been talking tough on immigration in the run-up to Tuesday's primary. The five Republicans seeking to replace term-limited GOP Gov.
    Google One: Google Drive cloud storage gets a new name, cheaper prices

    Google One: Google Drive cloud storage gets a new name, cheaper prices

    Pricing for plans over 2TB will remain the same but fret not, you will still get some new benefits for being a Drive customer. Last change in Google's storage plan took place in 2014; they did so after Dropbox reduced price of their storage plans.

    Petrobras (PBR) Reaches New 12-Month High and Low at $17.20

    ATR reflects the trading range, and knowing this can allow you to more accurately buy and sell into trends as well as set stops. A stock with a ratio of under 1.0 would be undervalued and a stock with a PEG over 1.0 would be considered over valued.
  • FA Cup Final: Chelsea vs Manchester United - Betting Tips and Predictions

    FA Cup Final: Chelsea vs Manchester United - Betting Tips and Predictions

    With the opening of the transfer window creeping closer, the Premier League's top teams are getting read to spend big once more. The Red Devils ended the Premier League season with a 1-0 win over Watford at home courtesy of Marcus Rashford's clean finish.
    Kate Middleton's 1st Pic Since Bringing Louis Home

    Kate Middleton's 1st Pic Since Bringing Louis Home

    I have always cared for my father and hope he can be given the space he needs to focus on his health. Cars leaving from Windsor, was spotted Queen Elizabeth II, Prince William and Kate Middleton .
    Michel Platini claims 'trickery' over 1998 tournament draw

    Michel Platini claims 'trickery' over 1998 tournament draw

    Platini was given an eight-year ban from all football-related activities - later reduced to four on appeal. Zinedine Zidane scored two headers in the 1998 World Cup final.
  • Suzanne Scott to head Fox News

    Suzanne Scott to head Fox News

    She had been sharing the title of president with Jack Abernethy, who will no longer have a role in the news operation. Suzanne Scott has been been elevated to chief executive officer of Fox News , the company announced Thursday.

    Nxp Semiconductors NV (NXPI) Holding Lifted by Capstone Investment Advisors Llc

    Northern Capital Management LLC's holdings in NXP Semiconductors were worth $2,451,000 at the end of the most recent quarter. The weekly based stock performance is estimated at 10.34%, and the monthly stock performance presently stands at -3.82%.

    Conocophillips (NYSE:COP) Q4 2017 Sentiment Change, Now at 0.72

    Jane Street Ltd Liability Corp invested 0.02% in ConocoPhillips (NYSE:COP). 73,805 are held by Atlantic Trust Grp Inc Lc. ConocoPhillips registered $9.01 million net activity with 0 insider buys and 4 insider sales since March 29, 2018.
  • Philip Morris International Inc. (PM) receives consensus rating of 2.10

    For example, a stock may near its 52 week low in a price correction after earnings expectations for future quarters were revised. The company's stock sank 7.57% while Fayez Sarofim & Company sold 439,332 shares. (NYSE:PM) or 15,379 shares.
    Texas Doctor's Fraud Allegations Include Thousands Misdiagnosed

    Texas Doctor's Fraud Allegations Include Thousands Misdiagnosed

    The task force investigating Zamora-Quezada announced Monday that he was being indicted in a $240 million medical fraud case. A call to a phone number listed under Zamora-Quezada went unanswered, as did one of his Edinburg practice, Arthritis Ost.
    Nissan Launches A Solar Energy Package Of Its Own

    Nissan Launches A Solar Energy Package Of Its Own

    Nissan claims that the system can help reduce power consumption by as much as 66 per cent on the United Kingdom average home. The latter will maximize the use of recyclable materials for a more sustainable option.