The Kingdom of Saudi Arabia which is the world’s largest exporter of crude oil yesterday (30 May) said that it is fully committed to meet India’s requirement for petroleum products, reports Economic Times.
India is one of the key importers of oil from Saudi Arabia and wants cuts in crude oil prices.
Saudi Ambassador to India Dr Saud bin Mohammed Al Sati said that the energy cooperation between the two countries has been going very well and it has been further reinforced during the recent and ongoing communications between Prince Abdulaziz bin Salman Minister of Energy and his counterpart Minister Dharmendra Pradhan.
Al Sati made the comments in response to a question on Saudi Arabia’s position on India pressing for easing the cuts in crude oil production by OPEC and OPEC+ groupings as high oil prices are hurting the consumption-led recovery of several countries like India.
During an interview with PTI, the Ambassador also shared that Saudi Arabia had made investments of $2.81 billion in India in 2020 alone and that it is looking at a greater momentum in the bilateral economic ties in areas like petroleum, renewable energy, information technology, and artificial intelligence.
India’s relationship with Saudi Arabia has been on the upswing in the last few years as this oil-rich nation sees India as its strategic partner.
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