Business | Oil & Gas

India calls for increase in crude output

Indian Oil Minister Murli Deora has urged oil producing nations to pump extra oil to bring stability to volatile markets ahead of a June 22 meeting of major consumers and producers called by top exporter Saudi Arabia.

  • Reuters
  • Published: 00:04 June 19, 2008
  • Gulf News

New Delhi: Indian Oil Minister Murli Deora has urged oil producing nations to pump extra oil to bring stability to volatile markets ahead of a June 22 meeting of major consumers and producers called by top exporter Saudi Arabia.

He asked Saudi Oil Minister Ali Al Naimi to approach other producers over raising output, as current prices would impact growth, in the longer term.

In a letter, Deora said the recent Saudi decision to lift output would help supply side management and thus stabilise the oil market.

"I would like to thank you for the initiative taken and request you to advise other oil producing countries also to raise their output to calm the market further and revitalise global economic growth," he added.

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