Jeddah oil summit: India for rise in output
Chidambaram, along with Murli Deora, is in Saudi Arabia to address the issue of spurt in global oil crisis. Beat inflation I War on inflation | Inflation in pics
By PTI |
JEDDAH: India on Sunday asked the oil producing countries to increase supply to the control prices as the present global inflation could not be tolerated.
Finance Minister P Chidambaram who is here to talk to Saudi Arabia authorities for finding a solution to the ongoing oil crisis said, "My presence in Jeddah emphasises the global nature of inflation. We cannot operate under these prices and oil producing countries need to calm oil markets."
Talking to NDTV Chidambaram said, "Saudis have assured that supply will not be a problem."
On their part the Saudi Oil Minister Ali-al Naimi said, "We have already increased our supplies substantially."
Chidambaram along with Petroleum Minister Murli Deora had left for Saudi Arabia last night as part of efforts to address the issue of spurt in global oil crisis, a development that pushed the inflation in India to a 13-year high of 11.05 per cent.
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Saudi officials have said that the Kingdom had no "magic wand" that would resolve the skyrocketing oil prices, but have assured the world consumers that it would do everything possible to curb rising oil prices, which it blamed on geopolitics and speculators.
The International Energy Conference would be opened by Custodian of the Two Holy Mosques King Abdullah where he would emphasise the Kingdom's efforts to stabilise the market.
"The Kingdom looks... with great interest to oil market stability that will protect the interests of producers and consumers and promote world economic growth," an official statement said yesterday.
"As the world's biggest oil exporter, Saudi Arabia has not and will not spare any effort to achieve oil market stability. Its oil policy aims always to foster and strengthen cooperation and dialogue between oil producing and consuming countries," the statement said.
Petroleum and Mineral Resources Minister Ali Al-Naimi expressed his satisfaction over the tremendous response to King Abdullah's call for a meeting of oil producers and consumers in Jeddah to discuss ways to curb unjustifiable rise in oil prices that hit nearly USD 140 per barrel last week.
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Meanwhile, official Saudi Press agency said a number of oil and energy ministers arrived in Jeddah to participate in the meet.Download
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