India keeping close eye on Saudi oil situation: Petroleum Minister Dharmendra Pradhan
India keeping a close eye on the oil crisis in Saudi Arabia; Petroleum Minister Dharmendra Pradhan says the prevailing situation is a cause for concern for us but there’s no impact on the supply of oil from Saudi Arabia at the moment.
The attack on Saudi Arabia’s oil facilities has led to many questions regarding the supply of crude oil. The incident has led to a shortage in supply. The crisis has also affected the production of oil in Saudi Arabia.
This has emerged as a big challenge in the global crude supply chain. The prices of crude oil have increased 19-20 percent to 71 US dollars per barrel. This is the highest price of crude oil in 3 decades.
The Saudi oil facilities were hit on Saturday morning in a drone attack claimed by the Houthi rebels. However the source fo the attack is still under dispute with many raising a finger at Iran too. India has strongly condemned the attack.
External Affairs Ministry has reiterated its stand of condeming terror in all formats.
The situation is a big challenge for India. For the fastest growing major economy, it is imperative for India to ensure its long-term energy security.
World’s largest oil producer Saudi Arabia is also India’s biggest source of oil. 20% of India’s imports are from Saudi Arabia.
Oil markets often become a casualty time and again..in the frictions that arise between nations.
SOURCE: DD NEWS