NEW DELHI: OPEC kingpin Saudi Arabia has defended the oil cartel and its partners’ decision to cut crude oil production, saying they were doing the right job to ensure a stable and sustainable market.
The defence came from Saudi Energy Minister Abdulaziz bin Salman in response to a question about the recent decision by OPEC+ to cut oil output by 2 million barrels per day. The minister was in New Delhi to prepare the grounds for Saudi Prime Minister and Crown Prince Mohammed bin Salman’s visit to India next month. OPEC+ earlier this month decided to cut the crude oil production quota by 2 million barrels per day, starting in November, to prop up sagging oil prices.
Saudi Arabia, which co-chairs the OPEC+ alliance with Russia, has been under fire from the US for the output cut at a time many forecasters are expecting demand to rise. The Saudi minister held a oneon-one meeting with Commerce and Industry Minister Piyush Goyal, which was followed by a luncheon meeting where Oil Minister Hardeep Singh Puri and Power Minister RK Singh also joined.
The partnership between Saudi Arabia and India reached new heights when Crown Prince Mohammed bin Salman visited New Delhi in February 2019. In October the same year, Prime Minister Narendra Modi visited the Kingdom, which resulted in the two nations establishing the Strategic Partnership Council.
