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.

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