12,352.35-3.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

Saudi Crown Prince warmth for PM Narendra Modi could stabilise oil prices

The Saudi Crown Prince showed expectional warmth towards Modi from personally receiving the Indian PM outside meeting venue.

, ET Bureau|
Dec 07, 2018, 10.32 PM IST
0Comments
PTI
Untitled-11
The Saudi Crown Prince showed expectional warmth towards Modi from personally receiving the Indian PM outside meeting venue.
NEW DELHI: Saudi Crown Prince Md Bin Salman or MBS had shown expectional warmth towards Prime Minister Narendra Modi when the two met last week at Argentina ahead of the G-20 Summit which could translate into stability in oil prices and higher Saudi investments here.

The Saudi Crown Prince showed expectional warmth towards Modi from personally receiving the Indian PM outside meeting venue and thereafter during dialogue, said persons familiar with the development. The two leaders have an emerging chemistry and Prince Salman is very eager to work with India signalling growing strategic partnership between Delhi and Riyadh.

The Saudi Crown Prince not only agreed to increase oil supplies to India but also hinted to keep oil prices stable. It is in this context that Saudi Arabia’s Energy Minister, Khalid Al Falih, Thursday said that the views of Prime Minister Narendra Modi will be taken into consideration, before a final decision is taken by OPEC on output cuts.

Khalid Al Falih was actually asked a question on the views of US President Donald Trump. Responding to the reporter, Al Falih began by saying that the views of President Trump are taken seriously. However, though the reporter’s question was only on President Trump, Al Falih was quick to add that the views of Indian Prime Minister Narendra Modi would also be taken into consideration.

The Saudi Energy Minister recalled the bilateral meeting between India and Saudi Arabia on the sidelines of the G20 meeting last week in Buenos Aires. He said Prime Minister Modi “put his views very strongly, that he cares for the Indian consumer.” The Saudi Energy Minister also recalled three earlier meetings with the Prime Minister, and said that the Prime Minister had been “very vocal.”

Khalid al Falih also noted that the consumer is an important part of the deliberation, even if he is not physically present in the room.

India and Saudi Arabia will set up a mechanism for promoting Saudi Investments across energy, defence, food security and manufacturing sectors over the next 2-3 years. Saudi Arabia will be finalizing an initial investment into the National Infrastructure Fund.

Also Read

PM Narendra Modi greets people on Lohri

Narendra Modi, Xi Jinping discuss future of RCEP

PM Narendra Modi to chair meeting of experts at Niti Aayog on Jan 9

Spice production has jumped in India, says PM Narendra Modi

PM Narendra Modi invites investment in startups

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service