OIL & GAS

Amid record high prices of petrol and diesel, India reaches out to UAE

India has reached out to UAE as part of its energy security efforts, with the newly appointed Union cabinet minister Hardeep Singh Puri on Wednesday holding a telephone conversation with Dr Sultan Ahmed Al Jaber, the oil rich nation’s industry and advanced technology minister.

Al Jaber is also the managing director and chief executive of state-owned Abu Dhabi National Oil Company (Adnoc), one of the only two firms to commit to India’s crude oil reserve programme till date.

This comes against the backdrop of reports of the UAE reaching a compromise with the Organization of the Petroleum Exporting Countries (Opec) grouping on increasing the volume of oil it can pump, as part of a larger compact within the Opec plus grouping, comprising 23 countries, including Russia and allies. This followed after there was no agreement on oil production with differences between Saudi Arabia and UAE.

“Had a warm courtesy call with HE Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and MD & Group CEO of @AdnocGroup. Discussed ways and means to invigorate the vibrant bilateral strategic energy partnership between India and UAE,” Puri said in a tweet on Wednesday.

With three million barrels per day of crude oil production, Adnoc is the world’s 12th-largest producer. The UAE is a member of the Opec, which accounts for a major part of India’s total crude oil imports and 40% of global production.

“Conveyed my desire to work closely with UAE and other friendly countries to bring a sense of calm, predictability and realism among other suppliers in the energy market to make it more affordable for consumers,” Puri said in another tweet.

Source
Livemint
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