India asks for rise in global oil output

India asks the oil producing countries to increase supply to the control prices as the present global inflation could not be tolerated.

India on Sunday asked the oil producing countries to increase supply to the control prices as the present global inflation could not be tolerated.

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Finance Minister P Chidambaram, who is in Jeddah 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.