Saudi Arabia asked India to use the cheap oil in its strategic reserves to deal with the current price rally as the Arab nation and its allies ignored New Delhi’s plea to increase supply. Crude rose to $68 a barrel on Friday. India had bought oil from Saudi Arabia and other producers to fill its strategic reserve for about $19 a barrel last year when the pandemic had hit demand.
Rising crude prices, up nearly 70% since October, had prompted India to criticise producers’ extended supply cut.
