Oil Minister Hardeep Singh Puri dials UAE for affordable oil prices

Oil Minister Hardeep Singh Puri dials UAE for oil prices

As fuel prices hit record highs, India’s new Oil Minister Hardeep Singh Puri called on oil-producing nations to instil in them the need to keep prices affordable for consumers. The counterpart was dialled in the United Arab Emirates, Sultan Ahmed Al Jaber.

 “I have expressed my desire to work closely with the UAE and other friendly countries to give other providers in the energy market a sense of calm, predictability and realism, in order to make it more affordable for consumers,” Tweeted Puri Oil Minister Hardeep Singh Puri dials UAE for affordable oil prices

The international gasoline prices hit low in may on the back of demand pickup got the gasoline market – and diesel prices in India driven to a record high.

Gasoline has surpassed Rs 100 in over a dozen states and union territories, while diesel is sold for over Rs 100 per litre in Rajasthan and Odisha. 

“I had a cordial courtesy visit to HE Dr Sultan Ahmed Al Jaber, United Arab Emirates Minister for Industry and Advanced Technology and Executive Director and Group CEO of @ AdnocGroup. They discussed ways and means of establishing the dynamic bilateral strategic energy partnership between India and United United Arab Emirates, “said Puri. 

India, which imports 85 per cent of its oil needs, has long pressured the cartel of OPEC producers and its allies, called OPEC +, to phase out their production cuts and raise oil prices it is raising prices with its production cuts. 

The United Arab Emirates is a member of OPEC but argued with the group over production quotas at the alliance meeting earlier this month.

“We have agreed to raise our bilateral energy commitment to a higher level and to diversify into new areas in the context of the rapid global energy transition,” said Puri in an interview with his counterpart from the United Arab Emirates. 

The deal failed to reach an agreement on production quotas for August and possibly beyond earlier this month. The Alliance was expected to agree to increase production from 500,000 to 700,000 barrels per day, but the decision has been postponed as the UAE were different on how to begin such production. 

Puri, who took over the helm of the Petroleum Ministry on July 8, called the Qatari Minister of State for Energy Affairs, Saad Sherida Al Kaabi, last Saturday to discuss new ways to strengthen mutual cooperation in the hydrocarbon sector.

“Opportunities to further strengthen mutual cooperation between our two countries in the hydrocarbon sector were discussed during a cordial phone call with the Minister of State for Energy of Qatar, who is also President and CEO of @qatarpetroleum, HE Saad Sherida AlKaabi.” Puri wrote in July In March. 

Puri’s predecessor Dharmendra Pradhan and Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman had a vicious exchange on oil prices. 

The Saudi Arabian minister responded to Pradhan’s repeated requests for a reasonable price that India should tap into its crude oil reserves, which it bought cheaply during the 2020 market crash.

Days later, Pradhan called the statement a “small diplomatic response from a friendly nation”. Since then, the Ministry of Oil has urged refiners to seek sources outside the Middle East to buy oil. 

India is the third-largest consumer of crude oil in the world and the OPEC countries. like Saudi Arabia has traditionally been its main source of oil, but OPEC and OPEC + ignored their call to relax supply restrictions, prompting India to turn to newer sources to diversify its crude oil imports. 

OPEC’s share in oil imports in India was up around 60 per cent in May from 74 per cent the previous month. 

The two sides have mended the relationship, with Saudi Arabia and the United Arab Emirates providing medicines, oxygen and essential equipment to help India fight its second wave of coronavirus infections support.


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