Economy

UAE assures India of oil, LPG supplies

Our Bureau New Delhi | Updated on June 17, 2019 Published on June 17, 2019

The UAE has assured India of crude oil and Liquefied Petroleum Gas (LPG) supplies despite recent supply disruptions, Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said.

In a series of tweets, Pradhan said he spoke to UAE Minister of State and Group CEO of the Adnoc Group, Sultan Ahmed Al Jaber, and discussed ways to collaborate for strengthening hydrocarbon engagement between the two countries.

He said he discussed about UAE’s lead role in the ongoing India’s strategic petroleum reserves programme. Pradhan also expressed concern at the supply disruptions in the Strait of Hormuz after which Jaber assured him of oil and LPG supplies to India despite the disruptions.

In another series of tweets Pradhan said that he had a telephonic conversation with Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Mohammed Barkindo. Barkindo reaffirmed India as an important partner for OPEC and expressed keen interest to further strengthen the India-OPEC partnership, Pradhan said.

Pradhan said he reviewed the current developments in oil markets and ongoing supply disruptions. He also expressed concern over significant oil price volatility and resulting challenges to Indian consumers.

Pradhan said that India will continue to work with OPEC membership on responsible oil pricing, which is the best interests of both producers and consumers. Barkindo and Pradhan also decided to work towards an early convening of the 4th India-OPEC high-level institutional dialogue.‏

Published on June 17, 2019

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