Saudi to increase crude oil exports to India

08 Jun 2011

(MENAFN) An official in the Indian embassy in Riyadh said that the Kingdom of Saudi Arabia would increase its crude oil exports to India by almost the double, a step through which India would reduce its dependence on Iranian oil, reported The National.

The official added that his country’s imports of Saudi oil could go up to more than 800,000 barrels per day, adding that both India and Saudi Arabia would diversify the seller buyer relationship into an energy alliance which they were working on for at least eighteen months.

On the other hand, Saudi oil minister, Ali Al Naimi, said that enhancing trade ties with Asia’s developing countries like China and South Korea in addition to India would boost the Kingdom’s economy. Moreover, oil consumption in those countries rose notably since 2008, even as it declined in the developed world.

It is worth noting that Saudi was eager to sign a 30 year oil supply contract with India, as it had done with other countries.

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