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Amid Rocketing Global Oil Prices Post Saudi Attacks, Petroleum Minister Assures 'Steady Supply' to India

On Saturday, Yemen's Iran-aligned Houthi group claimed the attack on two plants at the heart of Saudi Arabia's oil industry, knocking out more than half the Kingdom's output.

News18.com

Updated:September 16, 2019, 5:30 PM IST
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Amid Rocketing Global Oil Prices Post Saudi Attacks, Petroleum Minister Assures 'Steady Supply' to India
File photo of Oil Minister Dharmendra Pradhan. (Photo: REUTERS)

New Delhi: After the attack on Saudi Arabia’s oil facilities, which halved its oil production, union petroleum minister Dharmendra Pradhan on Monday said there will be no supply disruption to India.

He said the Indian ambassador in Riyadh has contacted the senior management of Saudi Aramco to ensure steady supply. “We have reviewed our overall crude oil supplies for the month of September with our Oil Marketing Companies (OMCs). We are confident there would be no supply disruption to India,” Pradhan said.

India's strategic petroleum reserves stand at 55% of available underground storage capacity of 5.33 million tonnes, a top government official was quoted as saying by the Reuters on Monday.

India has three strategic reserves in the southern cities of Vizag, Mangalore and Padur.

On Saturday, Yemen's Iran-aligned Houthi group claimed the attack on two plants at Abqaiq and the nearby Khurais, at the heart of Saudi Arabia's oil industry, knocking out 5.7 million barrels of daily crude production or 50% of the kingdom’s oil output. This comprises more than 5% of global daily oil production

The attacks will cut the kingdom's output by 5.7 million barrels per day (bpd), according to a statement from state-run oil company Saudi Aramco, or more than 5% of global oil supply.

While the Houthis claimed responsibility for the attack, US Secretary of State Mike Pompeo put the blame squarely on Iran, writing on Twitter that there was "no evidence the attacks came from Yemen."

(With inputs from agencies)

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| Edited by: Sana Fazili
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