India offers Saudi Arabia stake in second phase of strategic oil reserve

India has sought reasonable oil prices from Saudi Arabia that will make crude economical to Indian state-owned refineries without hurting the ‘interest’ of the kingdom. (Reuters)
Updated 23 February 2018
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India offers Saudi Arabia stake in second phase of strategic oil reserve

NEW DELHI: India has offered Saudi Arabia a stake in the second phase of the south Asian nation’s yet-to-be-built strategic oil reserves, Oil Minister Dharmendra Pradhan said in New Delhi on Friday.
The government also discussed with Saudi Arabia investment opportunities in a proposed oil refinery with 1.2 million barrels per day of capacity on the west coast of India and a petrochemicals project in the south of India, Pradhan said.
Pradhan said India has sought reasonable oil prices from Saudi Arabia that will make crude economical to Indian state-owned refineries without hurting the ‘interest’ of Saudi Arabia.


US energy secretary meets Saudi counterpart after OPEC cuts

Updated 10 December 2018
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US energy secretary meets Saudi counterpart after OPEC cuts

RIYADH: Saudi Arabia’s energy minister held talks Monday with US Energy Secretary Rick Perry, after the Kingdom and its allies defied US pressure to cut oil production in a bid to prop up prices.
They discussed the “state of the oil market” and energy cooperation between the two countries during a meeting in eastern Dhahran city, the minister, Khalid Al-Falih, said on Twitter.
Perry tweeted that he discussed the need for “open, free, and fair markets with the Saudis.”
OPEC members and 10 other oil producing nations, including Russia, on Friday agreed to cut output by 1.2 million barrels a day from January in a bid to reverse recent falls in prices.
The decision came even as US President Donald Trump demanded that the cartel boost output in order to push prices down.
But Al-Falih shrugged off the pressure last week, saying “we don’t need permission from anyone to cut” production.
The US “is not in a position to tell us what to do,” he told reporters ahead of Friday’s OPEC meeting in Vienna.
Last week, for the first time in decades, the United States — which is not a member of OPEC — was a net exporter of crude oil and petroleum products.
It was the latest sign of how the shale boom has lifted the US standing on global petroleum markets, prompting talk of “energy dominance” by Trump.
Perry’s visit to Dhahran came as Crown Prince Mohammed bin Salman unveiled state oil giant Aramco’s plan for a new energy megaproject in the area known as the King Salman Energy Park (SPARK).
The energy park is expected to attract an initial investment of $1.6 billion, Aramco said.