Thursday, January 18, 2007

Oil and gas: India asks Saudi for help in stabilising oil production

India has sought Saudi Arabia's help in stabilising global crude production and help maintain oil prices at levels that do not impact developing economies.

During his meeting with the visiting Saudi oil minister Ali al-Naimi, prime minister Manmohan Singh informed him that high oil prices had hurt import dependent economies like India. He requested the Saudi minister to exert its influence on OPEC members to refrain from measures that lead to price and availability volatility.

In response Al-Naimi said the market determined oil prices.

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