Commodities Buzz: Saudi Oil Minister Says That Oil Producers Will Ensure Availability Of Adequate Supplies

Saudi Arabia’s Minister of Energy, Industry and Mineral Resources H.E. Khalid Al-Falih called Dharmendra Pradhan, Minister of Petroleum and Natural Gas of India to discuss continued joint cooperation between the two countries and in particular the current oil market situation, according to a latest official release. Al-Falih updated Minister Pradhan on his ongoing consultations with colleagues from major producing countries both inside and outside of OPEC, including Alexander Novak, Minister of Energy, Russia and Suhail Al Mazroui, Minister of Energy of the UAE who is also the President of the OPEC Conference.

Minister Pradhan expressed his concern about rising prices and its negative impact on consumers and the Indian economy. Minister Pradhan emphasised his desire for stable and moderate prices. Minister Al-Falih assured Minister Pradhan that supporting global economic growth is one of the Kingdom’s key goals. He reiterated his commitment towards stable supplies and that the Kingdom together with other producers will ensure availability of adequate supplies to offset any potential shortfalls and ensure that prices remain reasonable.