India, Saudi Arabia hold talks on crude oil prices
Tuesday, 24 June 2008
DUBAI, Jun 23 (PTI): In the wake of spurt in global crude oil prices India and Saudi Arabia have held talks to chalk out plans to cool it down.
A high level Indian delegation led by Finance Minister P. Chidambaram and Petroleum Minister Murli Deora arrived here Saturday to participate in the Saudi oil summit meeting Sunday.
The delegation immediately went into talks last evening, an Indian official told PTI over phone from Jeddah.
With oil prices showing no signs of abetting, Saudi Arabia is playing host to an International Energy Conference, opening in Jeddah today, which will be attended by heads of state and ministers from 35 countries, top executives of 25 oil companies and seven international organisations.
Deora had earlier this week written to Saudi Oil Minister Ali al-Naimi for a hike in output by Organisation of Petroleum Exporting Countries (OPEC).
"(I) request you to advice major oil producing countries to raise their output to calm the market further and revitalise the global economic growth," he wrote.
Soaring oil prices, which ramp up the cost of petrol, diesel, jet fuel and domestic energy supplies, are pushing inflation.
India had earlier this month raised petrol price by Rs 5 a litre, diesel by Rs 3 a litre and domestic LPG by Rs 50 per cylinder fuelling inflation rate to 13 year high.
Saudi officials have said that the Kingdom had no "magic wand" that would resolve the skyrocketing oil prices, but have assured the world consumers that it would do everything possible to curb rising oil prices, which it blamed on geopolitics and speculators.
The International Energy Conference would be opened by Custodian of the Two Holy Mosques King Abdullah where he would emphasise the Kingdom's efforts to stabilise the market.
"The Kingdom looks... with great interest to oil market stability that will protect the interests of producers and consumers and promote world economic growth," an official statement said Saturday.
A high level Indian delegation led by Finance Minister P. Chidambaram and Petroleum Minister Murli Deora arrived here Saturday to participate in the Saudi oil summit meeting Sunday.
The delegation immediately went into talks last evening, an Indian official told PTI over phone from Jeddah.
With oil prices showing no signs of abetting, Saudi Arabia is playing host to an International Energy Conference, opening in Jeddah today, which will be attended by heads of state and ministers from 35 countries, top executives of 25 oil companies and seven international organisations.
Deora had earlier this week written to Saudi Oil Minister Ali al-Naimi for a hike in output by Organisation of Petroleum Exporting Countries (OPEC).
"(I) request you to advice major oil producing countries to raise their output to calm the market further and revitalise the global economic growth," he wrote.
Soaring oil prices, which ramp up the cost of petrol, diesel, jet fuel and domestic energy supplies, are pushing inflation.
India had earlier this month raised petrol price by Rs 5 a litre, diesel by Rs 3 a litre and domestic LPG by Rs 50 per cylinder fuelling inflation rate to 13 year high.
Saudi officials have said that the Kingdom had no "magic wand" that would resolve the skyrocketing oil prices, but have assured the world consumers that it would do everything possible to curb rising oil prices, which it blamed on geopolitics and speculators.
The International Energy Conference would be opened by Custodian of the Two Holy Mosques King Abdullah where he would emphasise the Kingdom's efforts to stabilise the market.
"The Kingdom looks... with great interest to oil market stability that will protect the interests of producers and consumers and promote world economic growth," an official statement said Saturday.