Saudi Arabia monitoring oil markets closely, prepared for additional measures

Global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt, the International Energy Agency (IEA) said on April 15, 2020. (File/AFP)
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Updated 21 April 2020
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Saudi Arabia monitoring oil markets closely, prepared for additional measures

  • Saudi Arabia is prepared to take any additional measures in partnership with OPEC+ members and other producers
  • It also affirmed its cooperation with Russia is committed to implement the targeted reductions agreed upon for the next two years

RIYADH: The Saudi Cabinet said it is continuing to closely monitor the oil market conditions and is prepared to take any additional measures in partnership with OPEC+ members and other producers, Saudi state-news agency SPA reported Tuesday.
The Cabinet also discussed the Kingdom’s efforts in its endeavor to achieve stability for the petroleum market, and its cooperation with Russia is committed to implement the targeted reductions agreed upon for the next two years.

Under the deal, Riyadh and Moscow will cut 2.5 million barrels per day each.
The OPEC+ group of major producers last week agreed record production cuts of 9.7 million bpd to prop up prices that had shed more than 60 percent as the COVID-19 illness shut down businesses worldwide.
Producers outside the alliance pledged to cut an additional 3.7 million bpd.
But that was not enough to prevent crude prices plunging into negative territory for the first time on Monday.

(with Agencies)


India seals $3bn LNG agreement with UAE

Updated 19 January 2026
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India seals $3bn LNG agreement with UAE

  • Leaders hold talks to strengthen trade, defense ties

NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.

The agreement was signed during a very brief two-hour visit to ‌India by UAE ‌President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian ‌Prime Minister Narendra Modi. 

They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.

Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.

ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.

“India is now the UAE’s largest customer and a ‌very important part of ADNOC Gas’ LNG strategy,” ‍the company said.

The UAE is ‍India’s third largest trading partner and Sheikh Mohammed was accompanied ‍by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.

Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.

“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in ‌particular ways in the conflicts of the region,” he said.