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Page added on February 24, 2012

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Saudi Arabia assures India about oil supplies

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The Indian Ministry of Petroleum and Natural Gas said a Saudi delegation “assured affirmative consideration” of a request made during meetings in New Delhi for increased oil supplies to compensate for reduced purchases from Iran.

“Acknowledging India’s importance as one of the fastest growing markets in the world,” a ministry statement said, “Saudi Arabia expressed its readiness to engage India and fulfill its energy requirements on a long-term basis.”

In 2010, according to the US Energy Information Administration, India received about 18% of its 2.2 million b/d of oil imports from Saudi Arabia and 11% from Iran.

According to press reports, India sought an additional 100,000 b/d from Saudi Arabia.

The European Union is phasing in sanctions against purchases by its members of Iranian oil and has asked India to support the effort (OGJ Online, Feb. 12, 2012).

Also at the meetings, led by Saudi Assistant Minister for Petroleum Affairs Abdul Aziz Bin Salman Bin Abdulaziz and Indian Minister of State for Petroleum and Natural Gas Shri R.P.N. Singh, India invited Saudi Arabia to participate as “a strategic investor” in refining and petrochemical projects.

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4 Comments on "Saudi Arabia assures India about oil supplies"

  1. Anthony on Fri, 24th Feb 2012 2:12 pm 

    India is joining the party when the glass is half empty…

  2. Overseas Employment Agencies In Pakistan on Fri, 24th Feb 2012 3:47 pm 

    That’s good news for Indian’s but I don’t think so it so good for Pakistani people,Saudi Arab must concentrate on Pakistan to improve His(Pakistan) economically condition.

  3. Shawn Aune on Fri, 24th Feb 2012 3:53 pm 

    There is no way SA can deliver 100,000 more b/d to India without taking it from somewhere. They’re not that kind of swing producer anymore.

    So which country will suffer when oil is redirected to India?

  4. Kenz300 on Fri, 24th Feb 2012 6:55 pm 

    Every country needs to develop a plan to balance its population, resources, energy and jobs. India’s ever growing population makes their energy problem harder to solve.

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