Saudi, India discuss oil market situation, boost cooperation - SPA | Reuters

CAIRO Saudi Arabia's deputy oil minister Prince Abdulaziz Bin Salman discussed the situation in oil markets and further cooperation with India's Oil Minister Dharmendra Pradhan on Thursday, Saudi state news agency reported.

The report did not give details but said the talks included "the evident role of the kingdom (in achieving) stability of the oil markets."

The two officials also discussed cooperation between the two countries in energy as well as boosting India's purchases of crude oil and oil products, and joint investments.

Saudi Arabia was the biggest oil supplier to India in February.

India is one of the countries in which state oil giant Saudi Aramco is looking at in terms of downstream investments.

On Thursday, The International Energy Agency (IEA) said India could replace China as the main engine of global demand growth, estimating its demand growth at 300,000 bpd – the strongest ever volume increase.

Leading oil producers including Saudi Arabia plan to meet in Doha on Sunday to cement a preliminary deal reached between Russia, Venezuela, Qatar and Saudi Arabia in February to freeze oil output at January levels to curb a glut in the oil market.

(Reporting by Ali Abdelatti; writing by Reem Shamseddine in Khobar, editing by David Evans)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Apr 14, 2016 23:45 PM

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