The Narendra Modi government scrambled to soothe fears about another massive blow to an already faltering Indian economy after drone attacks on Saudi oil processing facilities knocked out 5 per cent of world crude production, sending global crude prices rocketing on Monday to their highest levels since 1991.
Quoting sources, Reuters said it might be months before Saudi Aramco would be able to bring oil production back to normal. Earlier, it had been thought that the world’s largest crude-processing plant would be fully operational in weeks.
Petroleum minister Dharmendra Pradhan said Aramco’s top executives had assured the Indian ambassador in Riyadh that they would ensure a “steady supply” of crude oil to India, presumably dipping into their existing inventories.
