Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, Khalid A Al-Falih recently spoke about reduced crude oil prices and mentioned that Prime Minister Narendra Modi was among the vociferous leaders of various countries who pitched for lowering down the oil prices. Responding to a journalist’s question during an interaction where he was asked about the reduced crude oil prices and on the United States President Donald Trump’s tweet in which he had said that the world does not want to see higher fuel prices, the Saudi Oil Minister said that President Trump is the head of a country which is the largest consumer of oil, approximately about 20% of the global market, but the consumer in the US is just like the consumer in France, India or Saudi Arabia who have every right to get affordable access to fuel.
Further speaking about Donald Trump’s tweet, Al-Falih said that he has full right to share his views using his favourite medium which is Twitter and we take that seriously. But we also take the views of Prime Minister Narendra Modi who has been equally vocal about lowering down fuel prices when we had met him during G20 summit. Saudi Oil Minister said that PM Modi in a private meeting had pitched for cheaper fuel prices which strongly shows that he does care about the Indian consumers. Al-Falih further added that he has seen PM Modi pitching for lower fuel prices in India during various energy events and has been very vocal about it.
So the consumer is a very important part of our deliberation even if they are not physically present with us. The fact that President Trump tweets about this and reminds us … we take that as one input factor but at the end of the day, our most important guiding principle is to bring supply-demand into balance. He said that they don’t think that the US will benefit from an over-supplied market for an extended period of time where investment flow stops and the fantastic growth in US stale and is brought to a halt again just like in 2015-2016.