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Jul 26, 2019 | 14:39 GMT

1 min read

India, Saudi Arabia: Energy Ministers Meet to Discuss Bilateral Affairs, Middle East Security

What Happened: Saudi Energy Minister Khalid al-Falih has met Indian Petroleum Minister Dharmendra Pradhan in New Delhi to discuss a range of energy-related issues between the two countries, Livemint reported July 25. According to Pradhan, the sides discussed the need for Saudi Arabia to reduce its oil prices for Asian customers, the ongoing security situation in the Strait of Hormuz, as well as OPEC's extended production cuts.

Why It Matters: Saudi Arabia is India's second-largest supplier of crude oil after Iraq, which makes New Delhi sensitive to ongoing security tensions in the Strait of Hormuz that could disrupt supplies for the country.

Background: The two sides are discussing a deal in which India's Reliance Industries Ltd. will sell a minority stake of its refining assets to Saudi Arabian Oil Co., al-Falih said, contradicting earlier reports that the deal had stalled.

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