India, Saudi Arabia moving from buyer-seller relationship towards closer strategic ties: PM Modi

India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich Kingdom’s investments in downstream oil and gas projects in the country, Prime Minister Narendra Modi has said. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil to […]

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India asks OPEC not to cut oil production; Petroleum Minister Pradhan seeks better commercial terms

Battling a slowing economy, India implored oil cartel OPEC to not undertake deeper crude oil production cuts last week, as it renewed its pitch for reasonable pricing of oil and stability in supplies. In a meeting with OPEC Secretary-General Mohammad Sanusi Barkindo, Oil Minister Dharmendra Pradhan also pitched for better commercial terms for crude oil […]

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EIA forecasts lower crude oil prices despite tighter global liquid fuels balances

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The U.S. Energy Information Administration (EIA) forecasts lower crude oil prices in the fourth quarter of 2019 and in 2020 despite tighter global balances. The tighter balances are largely the result of unprecedented short-lived loss of global supply following the September 14 attacks on crude oil production and processing infrastructure in Saudi Arabia, EIA said […]

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India approves Saudi Aramco-SABIC mega Deal

The mega deal in which Saudi Aramco is buying 70 per cent in Saudi chemicals giant SABIC cleared another hurdle last week after India’s competition authority approved the transaction that needs clearance in India because both Saudi companies are operating in the country. The Competition Commission of India (CCI) said on Friday that it approves the acquisition of 70 […]

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Indian steel mills hope to invest in upcoming Saudi Arabian steel, iron ore projects

Indian steel manufacturers plan to strengthen their relationship with the Middle East market, especially Saudi Arabia, according to remarks made during the second day of the First International Saudi Iron and Steel Conference last week, reports S&P Global Platts. V.R. Sharma, managing director of India’s Jindal Steel and Power, said, “The industry will definitely grow […]

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Drone attack on Saudi Oil facilities to hit India’s fuel import bill – report

The strikes on key Saudi oil facilities will hit India’s oil import bill and the Indian Rupee will be the immediate casualty, Singapore’s DBS Banking Group said. The coordinated strikes on Saturday, targeting Abqaiq, the site of the largest oil processing plant run by the Saudi state oil company, Aramco, and the Khurais oilfield led […]

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