Union Petroleum and Natural Gas Minister Dharmendra Pradhan has expressed his concern over rising oil prices and its negative impact on consumers and the Indian economy with Saudi Arabia's Minister of Energy, Industry and Mineral Resources Al-Falih">Khalid Al-Falih in a telephonic conversation.
Pradhan expressed his concern about rising prices and its negative impact on consumers and the Indian economy. He emphasised his desire for stable and moderate prices, the statement, issued by Ministry of Petroleum and Natural Gas, read.
"Al-Falih assured Pradhan that supporting global economic growth is one of the Kingdom's key goals. He reiterated his commitment towards stable supplies and that the Kingdom together with other producers will ensure availability of adequate supplies to offset any potential shortfalls and ensure that prices remain reasonable," the statement added.
The call was made from the Saudi oil minister's end.
The two ministers discussed continued joint cooperation between the two countries and in particular the current oil market situation.
Al-Falih updated Pradhan on his ongoing consultations with colleagues from major producing countries both inside and outside of Organization of the Petroleum Exporting Countries (OPEC), including Russia's Minister of Energy Alexander Novak and Minister of Energy of the UAE who is also the President of the OPEC Conference Suhail Al Mazroui, the statement read.
On a related note, Pradhan was on a three-day visit to the UAE, which commenced on May 12, to follow up on the February 2018 UAE visit of Prime Minister Narendra Modi.