'Committed to Your Needs': Saudi Arabia Assures India It Will Meet Oil Shortfall After Aramco Attack
Saudi Ambassador said his country is committed to India's energy security and will meet any shortfall that may arise due to disruptions from other sources.
PM Narendra Modi welcomes Crown Prince of Saudi Arabia Mohammed bin Salman on his arrival, at Palam AFS in New Delhi. (File photo: PTI)
New Delhi: One week after the biggest-ever attacks on its oil facilities, Saudi Arabia on Sunday said it is committed to meet India's energy needs and will make up for any shortfall caused due to the disruption by the drone strike as well as curbs placed on Iran.
Saudi Ambassador Dr. Saud bin Mohammed Al Sati said as one of the world's leading energy producers, Saudi Arabia will continue working constructively with other producers within and outside OPEC to maintain market stability, thus protecting all the interests of producers and consumers alike.
"India condemned the attacks on our oil facilities and reiterated its resolve to oppose terrorism in all its forms and manifestations. As a friend and strategic partner, we appreciate India's support and solidarity," Al Sati told news agency PTI.
A series of drone and missile attacks on oil facilities of Saudi Aramco, the country's national petroleum company, on September 14 knocked out half of its daily oil production, severely impacting the global oil market and triggering fresh tension between Saudi Arabia and Iran.
The damage caused was significant. Oil prices saw their biggest jump in 30 years last Monday, rising by nearly 15%. Despite this, Saudi Arabia says oil production will resume as normal by the end of September.
India imports more than 80% of the oil it consumes and any event which could derail benign oil prices could also simultaneously hurt the Indian economy. Some analysts have pegged the rise in fuel prices over the next fortnight to be as much as Rs 5-6 per litre.
For now, the Indian government has dismissed any impact of the strike on Aramco on India, saying supply disruption is ruled out. Petroleum Minister Dharmendra Pradhan had tweeted that there would not be disruption in supply.
“We have reviewed our overall crude oil supplies for the month of September with our OMCs. We are confident there would be no supply disruption to India. We are closely monitoring the evolving situation.” He also said that India has already got an assurance from Saudi Arabia against disruption in supplies.
The Saudi envoy said his country will invite the United Nations and international experts to view the situation on the ground and to participate in the investigation into the attacks.
The envoy to India said Saudi Arabia has the capability and resolve to defend itself and to forcefully respond to "these aggressions", and appreciated India's support and solidarity to Riyadh following the strikes which, he asserted, were "against the international community as a whole".
"As the investigations are ongoing, the Kingdom will invite UN and international experts to view the situation on ground and to participate in the investigations," the ambassador said.
"The Kingdom will take appropriate measures to ensure its security and stability. The Kingdom affirms that it has the capability and resolve to defend its land and people, and to forcefully respond to these aggressions," he said.
Yemen's Houthi terror group has taken responsibility for the biggest-ever attacks on Saudi oil facilities which severely impacted global oil supply. Saudi Arabia and its ally, the US, have blamed Iran for the attacks but Tehran has strongly denied the allegations.
"The recent attack against Saudi Aramco was not only against the Kingdom, but against the international community as a whole, and was a deliberate attempt to disrupt the global economy. Therefore, the perpetrators should be held accountable," the envoy said.
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