The crown prince Mohammed bin Salman of Saudi Arabia, is most likely to travel to India for a quick visit in the middle of November. The trip’s main objectives are likely to be the effects of the crisis in Ukraine, particularly with regard to energy security. As well as bilateral trade & investments. (Read More)
The visit was not officially confirmed by either nation, but sources close to the situation claimed the crown prince, who was appointed the empire’s prime minister last month, would soon transit in New Delhi on the journey towards the G20 Summit at Indonesia on November 15–16.
Since Saudi Arabia has historically been one of India’s top three oil suppliers, talks about the situation in the Ukraine are likely to include its effects on energy and food supplies. In order to support oil prices, the OPEC+ alliance. Which include Russia, recently claimed it would reduce oil output by 2 million barrels per day effective from November.
Development of Oil Reserves in India.
Prince Mohammed, during his last visit to India in February 2019, had made plans for investments that might total over than $100 billion in the manufacturing, mining, agriculture, infrastructure, & energy sectors. According to the sources, both sides will have the chance to assess investments during this planned visit, particularly those related to the development of oil reserves in India.
Despite the pressure from the US to maintain current levels of petroleum production, Saudi Arabia played a significant role in the conclusion. India, which has long railed against with the “Asian premium” levied by OPEC (Organization of the Petroleum Exporting Countries), has tried to diversify its oil imports after OPEC+ proposed the drop.
India & Saudi Arabia collaborated closely while the empire starred over the G20 in 2020. Adding New Delhi would rely on Riyadh’s support by its presidency of G20 in 2023, the sources added.
In September, Jaishankar travelled to Saudi Arabia with Prince Faisal bin Farhan Al Saud to co-chair the committee for Political, Security, Social & Cultural Cooperation’s (PSSC) first ministerial conference.
Within four joint working groups with an emphasis on political concerns, legal & security concerns, social & cultural concerns, and military cooperation, the two sides assessed their bilateral relationship & reviewed their progress.