Saudi Arabia gives assurances on supply as Brent crude hits $80 per barrel

Saudi Arabia said on Thursday it would make sure the world is adequately supplied with oil to support global economic growth just as top consumer India expressed frustration with oil prices hitting $80 per barrel for the first time since 2014. OPEC’s most influential energy minister, Saudi Arabia’s Khalid al Falih, called India’s Petroleum Minister Dharmendra Pradhan to assure him that supporting global economic growth was “one of the kingdom’s key goals”, the Saudi ministry said in a statement.

“He (Falih) reiterated his commitment towards market stability and that the Kingdom together with other producers will ensure availability of adequate supplies to offset any potential shortfalls,” the statement said.

The statement came as oil prices rose back to $80 per barrel for the first time since 2014 due to rising concerns over disruptions to Iranian oil exports because of new U.S. sanctions and due to plummeting output in Venezuela.

TRENDING NOW

D-Street Newsmakers: Tata Power, Subros, Ashok Leyland among 10 stocks that buzzed the most on Monday

Tata Power shares near record high after power generator joins hands with Indian Oil to set up EV charging points

Ujjain BJP MLA Mohan Yadav to be new Madhya Pradesh Chief Minister

Sovereign Gold Bond 2023–24: Next tranche to open next week; all you need to know

Probes against Sahara group companies will not be impeded by Subrata Roy's death: Corporate affairs ministry

Bank Nifty outperforms Nifty: Will the run-up continue?

Ola Electric reports total revenue of Rs 2,782 crore in FY23

Coca Cola India forays into Alcohol segment alcoholic beverage stocks Radico Khaitan, UBL, Sula Vineyards, Som Distilleries shares rise Tilaknagar Industries stock declines

GenAI startups defy funding winter, raise record $10 billion in 2023

Sensex touches 70,000 for first time, Nifty scales fresh peak; What's driving the indices higher?

Multibagger defence stock Apollo Micro Systems approves conversion of warrants - Details

GMR Airports' shares fly high; here's everything you need to know

BPCL dividend: Bharat Petroleum Corp shares to trade ex-date on Tuesday

IMD in Karnataka predicts rain for two days in Bengaluru, 12 districts

1,178% return in 2 years: This NBFC stock hits upper circuit for second consecutive session

Both the Saudi and Indian ministries said Pradhan expressed concern about escalating prices and the impact it has on consumers and especially on the Indian economy, the world’s third largest oil consumer.

“I expressed my concern about rising prices of crude oil and its negative impact on consumers and the Indian economy and reiterated the need for stable and moderate crude oil prices,” Pradhan said in a statement.

The statements said Falih briefed Pradhan on his consultations with major producing countries both in and outside of OPEC, including Russia.

India is one of the world’s fastest growing energy consumers and its oil use only lags behind the United States and China.

OPEC and its ally Russia have cut their output since January 2017 to help reduce excessive global stockpiles.

WATCH ZEE BUSINESS VIDEO HERE

So far OPEC has said it saw no need to ease output restrictions despite global stocks falling to its desired levels and despite consuming nations voicing concerns the price rally might have gone too far and could lead to demand destruction.

OPEC member the United Arab Emirates said on Thursday OPEC had bigger issues to consider than the impact of the U.S. decision to withdraw from the international nuclear deal with Iran such as Venezuela’s collapsing output.

U.S. President Donald Trump has also called on OPEC to help cool oil prices saying they were artificially high and that it was “unacceptable”.