The 11.21 million barrels places the country in second place of the most prolific oil producers in the world, behind the United States, who overtook both Saudi Arabia and Russian Federation earlier this year, according to EIA data as cited by CNN. "The government has no business to interfere in the pricing mechanism of petroleum products".
Brent crude prices were trading 80 cents a barrels higher at $81.23 by 11.57 GMT. And we have seen sanctions on Iran. Senior officials on Monday had said that Indian oil companies have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanctions-hit Iran.
Zanganeh said the rise of oil prices was a "self-inflicted pain" caused by US sanctions against Iranian energy exports, and could be resolved by lifting the measures.
India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for about 40% of the overall increase in global demand during the period, OPEC's secretary general said on during the weekend.
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"Earlier today, I held a meeting with Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan and assured them of our full and continuing commitment to meet India's energy demands, especially in oil, and to invest in India", Mr. Al-Falih said.
He said the developments show that the United States "will definitely not be able to cut Iran's oil exports to zero" - the goal set by USA officials - when sanctions targeting the oil sector go into effect on November 5. Saudi Arabia, which initially declared they didn't know who the journalist was, has changed their officialy narrative multiple times, claiming that the journalist had left the embassy and then gone missing, and now the Saudi kingdom is stating that the journalist may have been slain in a "botched interrogation", leading the major oil producer head-first into a major political clash, which will bode poorly for oil costs.
Falih also said Saudi Basic Industries Corp (SABIC) is keen to invest in India's chemicals sector.
State oil company Saudi Aramco plans to supply Indian buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said last week.