Sidelines of G20 Summit: Saudi Arabia has offered to supply Oil to India
Saudi Arabia has offered to supply oil to India. It has proposed to supply India with all the oil and petroleum products it needs to meet its growing energy demands. Official Saudi media has reported that this incident took place during a meeting between Prince Mohammed bin Salman bin Abdulaziz and Prime Minister of India, Narendra Modi.
The two leaders met at Salman’s residence in the Argentinian capital Buenos Aires on the sidelines of the G-20 summit.
The two sides, during the meeting, discussed the horizons of bilateral cooperation between the two friendly countries. They are seeking cooperation in the various political, security, economic, investment, agricultural, energy, cultural, and technological fields. In order to achieve this cooperation, Saudi Arabia has offered to supply oil to India.
They discussed the investment opportunities in the infrastructure through the Public Investment Fund. They also looked at opportunities in the agricultural field. Their aim is to replace agricultural imports from other countries to the kingdom with Indian agricultural imports.
They discussed the kingdom’s readiness to supply India with all of its needs for oil and petroleum products. They also discussed Saudi Aramco’s investment in refineries in India. The large refinery on the western coast of India and in the field of crude oil storage was a special topic of discussion.
The import of crude oil India forms a major component of bilateral trade with Saudi Arabia. It is India’s one of the largest suppliers of crude oil. It accounts for almost one-fifth of its needs. India has a refining capacity of 232.066 million tonnes, which exceeded the demand of 194.2 million tonnes in 2016-17 fiscal. According to the International Energy Agency, this demand is expected to reach 458 million tonnes 2040.
Saudi Arabia has offered to supply oil to India. This is really good news when we look at the recent US sanctions.
