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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    After the rise in its prices ... a dispute between the world's largest importers of oil and Saudi Ar

    Rocky
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    • Post n°1

    After the rise in its prices ... a dispute between the world's largest importers of oil and Saudi Ar Empty After the rise in its prices ... a dispute between the world's largest importers of oil and Saudi Ar

    Post by Rocky Sat 27 Mar 2021, 7:34 am

    After the rise in its prices ... a dispute between the world's largest importers of oil and Saudi Arabia

    •  Time: 03/27/2021 08:10:29
       
    •  Read: 2,366 times

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    {Economic: Al Furat News} On Friday, Indian Oil Minister Dharmendra Pradhan described the advice of his Saudi counterpart to reduce oil inventories to deal with high crude prices, as "non-diplomatic."
    "That was a kind of non-diplomatic answer from some of our old friends. I don't politely agree with that approach," Pradhan said at an event in the Indian capital.
    He continued, "India certainly has its own strategy, when and how to use its stocks, and we are aware of our interests."
    Pradhan criticized the production cuts by OPEC and Saudi Arabia, which aim to stabilize prices and indicated that India would have to search for energy alternatives to Gulf oil, its main source of crude.
    With India hit hard by high oil prices, Pradhan has repeatedly called on the Organization of the Petroleum Exporting Countries (OPEC) and its allies to ease supply restrictions.
    In response, Saudi Energy Minister Prince Abdulaziz bin Salman suggested that India turn to its strategic reserves filled with low-cost oil, which was purchased last year.
    India, the world's third largest importer and consumer of oil, has called on refiners to accelerate import diversification and reduce dependence on Middle Eastern oil.
    Sources told Reuters this month; Indian refiners are planning to cut imports from Saudi Arabia by about a quarter.
    "Today, Iraq is the number one supplier for our requirements, we get a large amount from the Emirates as well. The UAE is a very reliable partner," Pradhan said, adding that Indian companies are free to buy oil from any country.
    In order to reduce dependence on imports, he said, India would consider meeting additional requirements through renewables.
    And on Thursday, Pradhan said; African countries could play a major role in India’s efforts to diversify its oil resources.
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