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India, Saudi Arabia hold talks over crude oil prices

In the wake of spurt in global crude oil prices, India and Saudi Arabia have held talks to chalk out plans to cool it down.

business Updated: Jun 22, 2008 12:45 IST

In the wake of spurt in global crude oil prices, India and Saudi Arabia have held talks to chalk out plans to cool it down.

A high level Indian delegation led by Finance Minister P Chidambaram and Petroleum Minister Murli Deora arrived in Dubai on Saturday to participate in the Saudi oil summit meeting on Sunday.

The delegation immediately went into talks last evening, an Indian official told PTI over phone from Jeddah.

With oil prices showing no signs of abetting, Saudi Arabia is playing host to an International Energy Conference, opening in Jeddah today, which will be attended by heads of state and ministers from 35 countries, top executives of 25 oil companies and seven international organisations.

Deora had earlier this week written to Saudi Oil Minister Ali al-Naimi for a hike in output by Organisation of Petroleum Exporting Countries (OPEC).

"(I) request you to advice major oil producing countries to raise their output to calm the market further and revitalise the global economic growth," he wrote.

Soaring oil prices, which ramp up the cost of petrol, diesel, jet fuel and domestic energy supplies, are pushing inflation.

India had earlier this month raised petrol price by Rs 5 a litre, diesel by Rs 3 a litre and domestic LPG by Rs 50 per cylinder fuelling inflation rate to 13 year high.