Saudi oil output expected to rise next month: Falih

Daniel Fowler
October 16, 2018

The government is looking at private investment to raise domestic oil and gas production, which has stagnated for the last few years while fuel demand has been rising by 5-6 per cent annually.

"Prime Minister Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets", the statement said.

After the revision of the rates, diesel in Delhi is being retailed at Rs 75.46 per litre and Rs 77.

"We could have another (round of) unanticipated disruptions that we have seen in Nigeria, Libya, Venezuela".

"The oil price pain being now felt would have been much worse if we had believed people who 4-5 years ago said that oil demand had peaked and would decline", Mr. Al-Falih added. Iran is its third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of India's total needs.

"We have invested tens of billions of dollars to build spare capacity of 2-3 million barrels per day over years", he added. Saudi Arabia, which initially declared they didn't know who the journalist was, has changed their officialy narrative multiple times, claiming that the journalist had left the embassy and then gone missing, and now the Saudi kingdom is stating that the journalist may have been slain in a "botched interrogation", leading the major oil producer head-first into a major political clash, which will bode poorly for oil costs.

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With the opposition cornering the government over spiralling fuel prices, the issue has become a major concern for the Narendra Modi government at the Centre as it comes ahead of the Assembly elections in Madhya Pradesh, Rajasthan, Chhattisgarh and Mizoram and also the Lok Sabha elections due next year.

"Lastly and importantly, PM Modi requested for review of payment terms so as to provide temporary relief to the local currency", the statement said.

Asked whether India has sought waiver from the USA related to Iranian oil imports as Indian oil firms have booked Iranian oil cargo for November, he said "sentiment" rather than availability is the issue.

Last week, Pradhan said two state-owned oil refiners have booked import of 1.25 million tonne (MT) of crude oil from Iran in November.

Saudi Aramco has an initial pact to take a 25 percent stake in the planned 1.2 million bpd West Coast refinery.

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