Push for cut in crude price

India, the third-largest oil consumer, will press for a reduction in global crude prices during meetings with Saudi Arabia and the US later this month.

By Our Special Correspondent
  • Published 9.02.18
  •  
Dharmendra Pradhan in New Delhi on Thursday. PTI

New Delhi: India, the third-largest oil consumer, will press for a reduction in global crude prices during meetings with Saudi Arabia and the US later this month.

Saudi oil minister Khalid A Al-Falih will visit India on February 23-24, while US energy secretary Rick Perry will be here between February 28 and March 1.

"We feel oil prices should be reduced," oil minister Dharmendra Pradhan told reporters here.

Brent crude has lost around 8 per cent in value since it reached a 4-year high to above $71 per barrel in late January. It was trading at $65.37 on Thursday.

Officials said the issue of Saudi Aramco picking up stakes in the West Coast Refinery would also be discussed during the visit of the Saudi minister.

Saudi Aramco is exploring opportunities to invest in the refinery to expand its footprint in India.

IOC is the lead partner for the refinery project with a 50 per cent stake, while HPCL and BPCL hold 25 per cent stake each.