RIYADH: Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.
OPEC’s most influential energy minister, Saudi Arabia’s Khalid Al-Falih, said in a Twitter post that he had called his counterparts in the UAE, the US and Russia, as well as major oil consumer South Korea, to “coordinate global action to ease global market anxiety.”
Falih also said he had reassured the executive director of the International Energy Agency of “commitment to the stability of oil markets and the global economy” and that he would contact others over the next few days.
On Thursday, Falih called Indian Petroleum Minister Dharmendra Pradhan to assure him that supporting global economic growth was “one of the kingdom’s key goals,” the Saudi government said in a statement, after India expressed frustration with the recent surge in oil prices.
Power demand rises as heat intensifies; LNG cargoes sought to avert load-shedding
ISLAMABAD: As temperatures climb across the country, electricity demand has surged, prompting the Power Division to request four Liquified Natural...
