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India and Saudi Joint Statement Highlights Oil Commitment

OIL

Saudi is committed to being a reliable partner and crude source for India according to a joint statement by the two countries released Monday.

  • "Saudi Arabia and India emphasize ensuring the security of energy supplies in global markets and the importance of supporting stability of oil markets," it added.
  • India has been drawn to higher volumes of discounted Russian oil this year, displacing volumes from Saudi, drawing questions about the long-term impacts of the move but recent customs data shows that reverting.
  • India's import of Russian crude oil hit a seven-month low in August, whereas imports from Saudi Arabia rose 60% month-on-month.
  • The statement came after Mohammed bin Salman paid a state visit to India September 11.
  • Indian PM Modi and Crown Prince of Saudi Arabia MBS on Monday agreed on setting up a joint task force to help identify and channel investments worth $100 billion in the West Coast refinery project in Maharashtra.
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