Saudi oil output expected to rise next month: Falih

PM Modi Knew HAL Would Not Get Offset Contracts Says Congress

PM Modi will meet oil minister Dharmendra Pradhan, ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar.

The meeting assumes significance as the United States sanction against Iran kicks-in on November 4 and India is dependent on imports for more than 80 per cent of its oil requirement. Those sanctions would block banking channels, making payment for oil bought from Iran hard as well as stop re-insurance cover to refineries processing such oil.

The oil company leaders met to discuss the the prevailing energy scenario, effects of U.S. sanctions on Iran and volatile oil prices affecting economic growth.

The Times of Israel reported that Iran also may have reached a deal with Russia last month to take delivery of Iranian crude oil and then refine it and sell it to global buyers, in yet another possible scheme to bypass USA sanctions by "laundering" the oil through Russian markets.

Till today, producing country determines production and price, Pradhan said, adding that the affordability of consumer countries needs to be taken into account.

OPEC, he said, had in June made a decision to raise production by 1 million barrels per day. Saudi Arabia, which initially declared they didn't know who the journalist was, has changed their officialy narrative multiple times, claiming that the journalist had left the embassy and then gone missing, and now the Saudi kingdom is stating that the journalist may have been slain in a "botched interrogation", leading the major oil producer head-first into a major political clash, which will bode poorly for oil costs. "These supply disruptions need a shock absorber and the shock absorber to a large extent has been Saudi Arabia", he said.

Saudi Arabia is the India's second-biggest oil supplier behind Iraq and is committed to meet any shortfall that may arise due to sanctions on Iran, Falih said.

India had contracted to import about 25 MT of crude oil from Iran in 2018-19, up from 22.6 MT imported in 2017-18.

"When oil companies enter into annual term contracts for buying crude oil, there are two components mentioned - firm supplies and optional supplies".

The National Iranian Oil Company announced that Tehran is resurrecting an oil exchange it used to sell oil during a last round of global sanctions four years ago, before most sanctions were lifted under Iran's 2015 nuclear deal in exchange for curbs on Iran's nuclear activities.

Related News:

Most liked

Turkish police focus on 7 suspects in Khashoggi case
Mogherini added: "We expect a thorough investigation and full transparency from the Saudi authorities on what has happened". President Recep Tayyip Erdogan did not confirm the alleged killing saying he would await the result of an investigation.

Liverpool defender Virgil van Dijk released from Holland squad with injury concern
The centre-half returned to England early following an agreement between Liverpool's medical staff and his national team. The Reds trio have all been suffering with injuries, with Van Dijk and Salah picking up issues during global duty.

Watch 10-year-old join Foo Fighters onstage and crush Metallica classics
When Grohl asked him if he played guitar, he said "yes" before saying that he " knows a lot of Metallica songs". The boy was joined by drummer, Taylor Hawkins , for a short rendition of Wherever I May Roam .

Diesel Price Hiked Again; Wipes Out Rs 2.5-Per-Litre Cut
The AA says the country can not continue to be hammered by large fuel price hikes without severe economic knock-on effects. While the diesel prices were marked at Rs 75.69 per litre in Delhi and Rs 79.35 per litre in Mumbai.

49ers apologize for omitting Kaepernick from gallery celebrating history
The 49ers have also issued a public apology, per Pro Football Talk , and have added Kaepernick to that gallery. Kaepernick and that 2013 team then ventured to Lambeau Field to notch a wild-card win.

Trump says separating families may deter illegal entries to US
The Republican Club , by artist Andy Thomas , was in the background as Mr Trump conducted a recent interview with 60 Minutes . Hear what President Trump has to say about some of the issues that will likely be motivating voters at the ballot.

Alec Baldwin Returns To ‘SNL’ To Reprise His Role As Donald Trump
Another line from the Trump character: "Black people love me way more than Alec Baldwin ". It was nearly a relief to here someone as reasonable as Kid Rock was in the White House.

3-run double paces Red Sox
On Turner's TV Everywhere platforms, viewership was up 53% in total streaming minutes per game during the 2018 MLB Postseason. The Red Sox's bullpen was expected to be a weak spot in this series, and indeed that's how things looked in Game 1.

Milwaukee Takes Game 1 Of NLCS, 6-5
Cain made up for a ninth-inning miscue that went in and out of his glove on Friday night and almost led to a Dodgers comeback. Machado's home run silenced Miller Park and clearly had at least one Brewers fan on social media rattled.

Apparently, an 'administrative error' saw senators vote for racist motion
The affluent Sydney seat is traditional Liberal heartland but the electorate is considered progressive on social issues. Senator Hanson tells Ben Fordham "I always have been against racism, right from the very beginning".

Meghan and Harry 'very pleased' to be expecting first child
The royal baby would be seventh in line for the British throne - but he or she won't automatically be a prince or princess. The royals were bombarded with congratulatory messages on Twitter after the Palace broke the news on Monday morning.

In Numbers | India’s Crushing Series Win Extends Dominance at Home
In the process, Umesh became the third Indian pacer overall to register a 10-wicket haul in Test matches in India . Young Prithvi Shaw also jumped on to the stats bandwagon when he hit the winning runs off Devendra Bishoo.

Saudi Arabia preparing to admit Khashoggi was killed
CEO of JP Morgan Jamie Dimon announced this morning that he'll also be pulling out of the conference. Two more Washington lobbying firms also dropped their representation of Saudi Arabia on Monday.

Pepperell vows to be the master after leaving Fleetwood trailing
Frenchman Julien Guerrier was also five-under with three holes remaining when play was suspended due to darkness. Commenting on his performance this week, Pepperell said he was not in top form.

Sanders kicks FG as Dolphins rally past Bears in OT
After speaking about how well the kicking game has been this season, the problem reared its ugly head. Jordan Howard lost a fumble at the 1, and Trubisky was intercepted in the end zone by T.J.