No oil supply shortage, Saudi Arabia assures India

India, the world’s third-largest oil consumer, will not be hit by a reduction in production at its No 2 supplier Saudi Arabia, the Oil Ministry said on Monday. “Yesterday (September 15), Saudi Aramco officials informed the Indian refiners that there would be no shortage of supplies to them. Ministry of Petroleum and Natural Gas is closely monitoring the situation in consultation with Indian refiners and Saudi Aramco,” it said in a statement.

A massive drone strike on the world’s largest crude-processing facility operated by Saudi Arabia’s Aramco has driven oil prices to their highest level in nearly four months. The attack has knocked out over half of Saudi Arabia’s production as it cut 5.7 million barrels per day or over 5 per cent of the world’s supply.