Union Petroleum Minister Dharmendra Pradhan on Thursday held discussions here with his Saudi Arabian counterpart Khalid Al-Falih to further enhance bilateral hydrocarbon cooperation between the two countries and also deliberated on the prevailing global oil market scenario.
The leaders discussed enhancing cooperation in hydrocarbon sector to make it a strong pillar of the existing overall strategic partnership between India and Saudi Arabia.
During the meeting, Pradhan discussed the current developments in the global oil and gas markets and raised India's concerns on the recent increase in Asian Premium.
Issues like disturbances in the Strait of Hormuz impacting the movement of oil/LNG tankers and the decision of OPEC Plus members on extending production cuts, leading to oil price volatility were also discussed at the meeting.
"He also highlighted the adverse impact that these developments are having on the Indian economy. He also highlighted the need for responsible and reasonable crude pricing in the larger interest of both consuming and producing countries," the government said in a press release.
Pradhan highlighted the long-term energy partnership between the two countries and reiterated its invitation to Saudi's state oil company ARAMCO to participate in the country's Strategic Petroleum Reserve Program.
Saudi minister Al-Falih emphasized the need for capitalizing on the growing momentum in bilateral hydrocarbon cooperation.
Both the leaders also reviewed the progress on Saudi's investments in Indian oil and gas sector, including the West Coast refinery.
( With inputs from ANI )