India rejects 'undiplomatic' Saudi advice on dipping into oil reserves
India rejects 'undiplomatic' Saudi advice on dipping into oil reserves
India has reiterated that it could seek alternative energy sources amid high crude prices.
2 min read
Dharmendra Pradhan rejected his Saudi counterpart's advice as 'undiplomatic' [Getty]
India Oil Minister Dharmendra Pradhan has slammed 's advice to dip into its reserves to overcome high prices as "undiplomatic".
"That was in a way (an) undiplomatic answer by some of our old friend. I politely disagree with that kind of approach," Pradhan said Times Network's India Economic Conclave in the Indian capital, according to Reuters.
"Certainly India has its own strategy, when and how to use our own storage, and we are conscious about our interests," he added.
India has long called for the Organisation of Petroleum Exporting Countries (OPEC) to ease supply curbs imposed to help prices recover from a record 14-year low. The South Asian country is the world's third-largest importer and consumer of oil, relying mostly on the Gulf for its supplies.
High crude prices have hit India hard, with New Delhi indicating that it is seeking alternative sources of energy.
Saudi Energy Minister Prince Abdulaziz bin Salman has suggested India could overcome high crude prices by consuming oil purchased last year at cheaper prices.
Pradhan responded by suggesting that India will increasingly look to other energy partners.
"Today Iraq is the number one supplier of our requirement, we are taking a substantial amount from UAE also. UAE is a very reliable partner," Pradhan said.
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