The Indian President, Fakhruddin Ali Ahmed, arrived in Abu Dhabi on Monday (4 October) for a three day state visit to the United Arab Emirates (U.
The Indian President, Fakhruddin Ali Ahmed, arrived in Abu Dhabi on Monday (4 October) for a three day state visit to the United Arab Emirates (U.A.E.) as they announced demands for a ten per cent oil increase.
SYNOPSIS: The Indian President was welcomed by the U.A.E. President, Sheikh Zayed bin Sultan al-Nhayyan, and senior government officials. They had their first round of talks later in the day when discussions centred on trade relations between the two countries. The news that the U.A.E. proposes another increase in the oil price was announced as the Indian President's visit got underway at meetings with government officials. An official statement said that additionally the U.A.E. was also seeking a higher price for lighter crude oils.
The U.A.E. said that they will propose the increase when the Organisation of Petroleum Exporting Countries (OPEC) meets in December. Oil Minister Mani's Said al-Otaiba told newsmen travelling with the Indian President that the increase was justified. He explained that the revenue and purchasing power of the oil-producing states had been adversely affected by the 15-month freeze in oil prices. However, the Minister stressed that any increases would have to be within the framework of differentials.
There is disagreement within OPEC on how to calculate difference in the prices of different grades of crude oil. News agency reports said no settlement on the issue was expected before the December conference in Doha, Qatar. There was no official statement on whether the Indian President discussed the oil price issue with Sheikh Zayed. However, an Indian Government communique later called the visit an effective contribution to increasing economic cooperation between India and the U.A.E."