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Page added on February 23, 2012
India asks Saudi Arabia to raise oil supply
India has asked Saudi Arabia to raise oil supplies by 4-5 million tonnes every year as the country is expanding its refinery capacity to meet growing consumption, Oil Minister S. Jaipal Reddy said on Thursday.
“It has no relation to any other country, including Iran,” Reddy said, adding that Tehran will supply almost similar volume of crude in the next fiscal year that starts in April.
India has sought an extra 100,000 barrels per day (bpd) from Saudi Arabia, the world’s biggest oil producer, for 2012/13, the Indian junior oil minister said, as a replacement for a cut in supplies from sanctions-hit Iran.
3 Comments on "India asks Saudi Arabia to raise oil supply"
Kenz300 on Thu, 23rd Feb 2012 5:20 pm
China and India are driving the demand for oil with their economies growing from 6-9% a year. This growth in demand will continue to put pressure on prices. Can the Saudi’s raise their production?
papa moose on Fri, 24th Feb 2012 1:56 am
They couldn’t when Lybian production dropped.
Maybe if India asks really REALLY nicely.
BillT on Fri, 24th Feb 2012 2:19 am
Now we will see if there is any real elasticity in Saudi production. Note that Iran will be supplying the same amount for the next year. When Saudi Arabia does not come through with the additional oil, India will buy it from Iran.