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Saudi, Indian Oil Ministers Meet On Saturday

Saudi, Indian Oil Ministers Meet On Saturday thumbnail Pradhan al Falih

The oil ministers of Saudi Arabia and India will meet on Saturday, Reuters quoted India’s Oil Minister Dharmendra Pradhan as saying on Friday.

Although the Indian minister did not go into specifics about the meeting, it’s probably safe to assume that Khalid al-Falih, the oil minister of OPEC’s biggest producer Saudi Arabia, and Pradhan, the oil minister of one of the fastest-growing oil demand countries, will discuss oil supplies and/or investments.

Saudi Arabia is currently India’s second-largest oil supplier after Iraq and it has just pledged to invest US$100 billion in India’s energy sector in its continued efforts to lock in future demand for its oil on the fastest-growing Asian markets.

In June last year, Saudi oil giant Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) signed a framework agreement and a memorandum of understanding with a consortium of Indian national oil companies to join a mega refinery and petrochemical complex worth US$44 billion in the Maharashtra state on India’s west coast. The project, however, has seen some setbacks recently, as the process of land acquisition was halted amid farmers’ opposition and as plans emerged to relocate the complex to another site in the Maharashtra state.

The meeting between Saudi Arabia’s al-Falih and India’s Pradhan will take place less than two months before the U.S. waivers for Iranian oil customers—including India—to continue importing oil from Iran at reduced volumes expire.

India is in talks with the U.S., asking for an extension of its waiver to continue importing oil from Iran at the current rate of around 300,000 bpd, Reuters reported on Thursday, citing two sources in India familiar with the issue.

In January this year, Iran slipped to seventh place among India’s main oil suppliers, from the third place it held at the same time last year.

The report of India-U.S. talks over a waiver extension beyond early May comes just as U.S. President Donald Trump announced earlier this week that he plans to end the preferential trade treatment for India.

“I am taking this step because, after intensive engagement between the United States and the Government of India, I have determined that India has not assured the United States that it will provide equitable and reasonable access to the markets of India,” President Trump wrote in a letter to the Speaker of the House of Representatives and President of the Senate.

By Tsvetana Paraskova for Oilprice.com



9 Comments on "Saudi, Indian Oil Ministers Meet On Saturday"

  1. Loner on Sun, 10th Mar 2019 3:32 pm 

    As a Canadian, I am disgusted by the corruption and hypocrisy of the New Democratic Party/so-called Progressive Conservative Party/Liberal Party. (They are different masks on the same face).

  2. Loner on Sun, 10th Mar 2019 3:35 pm 

    I am not happy with the direction my country is going.

  3. Eternal Darkness on Sun, 10th Mar 2019 4:04 pm 

    Saudi Arabia is one of the worst human rights abusers on the planet.

  4. Sissyfuss on Mon, 11th Mar 2019 9:14 am 

    Loner, no one is happy with their country’s direction these days. Limits to Growth and climate disruption have most of them running in circles in the race for what’s left. Unfortunately these are the last of the good old days. What’s coming will make the present days seem like a golden period in mankind’s path to extinction.

  5. majece majece on Mon, 11th Mar 2019 9:40 am 

    If you want to get high quality project manager resume, try to check https://resumecvwriter.com/blog/project-manager-resume out. It will help you to get the job for sure

  6. Robert Inget on Wed, 13th Mar 2019 9:32 am 

    as bullish as it gets;

    Summary of Weekly Petroleum Data for the week ending March 8, 2019
    U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week
    ending March 8, 2019, which was 30,000 barrels per day more than the previous week’s
    average. Refineries operated at 87.6% of their operable capacity last week. Gasoline
    production decreased last week, averaging 9.7 million barrels per day. Distillate fuel
    production decreased last week, averaging 4.9 million barrels per day.

    U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 255,000
    barrels per day from the previous week. Over the past four weeks, crude oil imports
    averaged about 6.8 million barrels per day, 9.0% less than the same four-week period last
    year. Total motor gasoline imports (including both finished gasoline and gasoline
    blending components) last week averaged 573,000 barrels per day, and distillate fuel
    imports averaged 238,000 barrels per day.
    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
    Reserve) decreased by 3.9 million barrels from the previous week. At 449.1 million
    barrels, U.S. crude oil inventories are about 2% above the five year average for this time
    of year.

    Total motor gasoline inventories decreased by 4.6 million barrels last week and
    are about 2% above the five year average for this time of year. Finished gasoline and
    blending components inventories both decreased last week. Distillate fuel inventories
    increased by 0.4 million barrels last week and are about 1% below the five year average
    for this time of year. Propane/propylene inventories decreased by 1.2 million barrels last
    week and are about 11% above the five year average for this time of year. Total
    commercial petroleum inventories decreased last week by 10.2 million barrels last week.

    Total products supplied over the last four-week period averaged 20.9 million barrels per
    day, up by 2.2% from the same period last year. Over the past four weeks, motor gasoline
    product supplied averaged 9.0 million barrels per day, down by 2.2% from the same
    period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over
    the past four weeks, up by 3.1% from the same period last year. Jet fuel product supplied
    was down 1.7% compared with the same four-week period last year

  7. Robert Inget on Wed, 13th Mar 2019 9:40 am 

    EV’s of all stripe are indeed taking a toll on gasoline consumption.

    I’ll mark up lower jet fuel to cancelled flights due to weather and mechanical problems.

    Watch for $60 in the next hour, closing out the week at least five bucks higher. ($65)

  8. Robert Inget on Wed, 13th Mar 2019 9:49 am 

    1.4M bbl swing in the adjustment number – Total Stocks DOWN 10.2M bbls (big change)
    Doom says;
    What I really think is happening is that they have been overstating things for a while now and are being forced by physical lack of presence to fix it with the fudge of the adjustment.

    In other words, they’ve bought the bullshit that at any price the US is increasing 150K a month no matter what and it isn’t quite that easy and now its showing up as the Saudi tide goes out and there’s no cover any more.

    just wait until the refiners aren’t running in the 80’s of utilization but the low 90s in a few weeks.

    Bob adds;
    On this board Davy denounced my prediction
    that lack of Venezuelan oil would cause the havoc
    we are already seeing will get far worse as spring gets closer to that 90pc refinery utilization Doom refers to.

  9. Davy on Wed, 13th Mar 2019 10:43 am 

    “Bob adds; On this board Davy denounced my prediction that lack of Venezuelan oil would cause the havoc we are already seeing will get far worse as spring gets closer to that 90pc refinery utilization Doom refers to.”

    OLD BULLSHIT BOB:
    This is the only bet I made with you and one that turned out to be a BUM BOB BET
    “BobInget on Sat, 17th Oct 2015 7:24 pm PS… I’m sticking with a January price prediction; $200. oil inter-day. $170 close December 31st 2015. I’m guessing we will see $60 this month, $78 in November.”

    “Davy on Sat, 17th Oct 2015 8:11 pm Bob, I will go off line for 2 week to honor such a ridiculous prediction if it were to happen in December. I am going to copy and paste to my notes your above prediction for future reference and a reminder to you of the folly of your cornucopian delusions.”

    As far as Venezuela I have always included failed oil state in my peak oil dynamics. You on the other hand have a rabid biased liberal anti-American agenda to uphold.

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