We’ll meet your oil needs: Saudi Arabia

Prime Minister Narendra Modi will on Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario with ripples from US sanctions on Iran and volatile oil prices threatening growth

During the interaction, the prime minister highlighted the significant positioning of India in the oil and gas market and said the oil market was producer driven and quantity and prices were determined by oil producing countries.

The rising crude oil prices have triggered a near-daily rise in fuel prices domestically and affected the value of rupee against dollar.

"Prime Minister Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets", the statement said. A litre of diesel on Monday costs Rs 75.46 in Delhi, Rs 79.11 in Mumbai and Rs 79.80 in Chennai while petrol costs Rs 82.72 in Delhi, Rs 88.18 in Mumbai and Rs 85.99 in Chennai.

"We could have another (round of) unanticipated disruptions that we have seen in Nigeria, Libya and Venezuela".

According to Refinitiv Eikon data, Iranian exports of crude oil have declined to 1.33 million bpd, a sharp contrast to April's 2.5 million bpd, before the USA withdrew from the Iranian accord amidst harsh criticism, and United States pressure on allies to cease purchases of Iranian-sourced crude appear to be working, dragging oil prices steadily higher on the higher timeframes.

Imports from Saudi Arabia, South Korea's top crude supplier, were 3.41 million tonnes in September, down 6.9 per cent from 3.67 million tonnes a year earlier.

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Brent crude had risen $1.01, or 1.26 percent, to 81.44 a barrel by 0424 GMT, on track for its biggest daily gain since October 9.

Falih said oil prices would "easily be at the three digit range had it not been for the extra effort the kingdom has done over many years by investing in capacity and then unleashing that capacity, delivering barrels over last few months, reversing inventory draw down".

Prices hit a four-year high of $86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to United States sanctions.

"Lastly and importantly, PM Modi requested for review of payment terms so as to provide temporary relief to the local currency", the statement said.

On Monday, officials in the government and oil companies said Indian firms like International Olympic Committee have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanction-hit Iran.

Saudi Aramco has an initial pact to take a 25 percent stake in the planned 1.2 million bpd West Coast refinery.

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