India's crude supply will not go down: Petroleum Minister

(PTI) New Delhi, Ta. September 16, 2019, Monday

The petroleum minister Dharmendra Pradhan said after the attack on the second Saudi Arabian unit, the world's largest petrol-consuming country would not be reduced to petrol.

'The rest of the top officials were kept in touch with the attack on Saudi Arabian oil centers. September reviewed the overall oil situation with oil marketing companies.

We are confident that there will be no reduction in the supply of oil to India. We are keeping an eye on the situation, 'the minister said in a tweet.

The drone was attacked by Yemeni Houthis, the largest crude processing unit in the world, by a Yemeni hut, resulting in a rise in oil prices around the world. This is the largest increase in four months.

The attack reduced Saudi Arabia's total production to 57 million barrels a day, which is five percent of the world's production. India imports 85 percent of its requirement. Saudi Arabia is its largest oil supplier after Iraq.

Saudi Arabia sold 40.33 million tonnes of crude oil to India in FY 2018-19. At that time, India imported 207.3 million tonnes of oil. Brent traded up $ 71.95 per barrel on Monday, an increase of 19.5 percent.

The US West Texas Intermediate was up 15.5 percent to $ 63.34 a barrel, the largest increase in intra-day percentages since 1988.

Earlier in the day, India's Petroleum Minister had said that on September 15, Saudi restaurateurs informed Indian refineries that there would be no reduction in the supply provided to them. The Ministry of Petroleum and Natural Oil is monitoring all matters with Saudi leisure and Indian refiners.

Officials at state-owned companies said: "Saudi lenders have informed us that there has been no major obstacle to supply." But the supply constantly strives for a different grade to deliver. An official at Wood Mackenzie said supply from Saudi Arabia had dropped by five million barrels a day.