Facing an all time high in the rate of inflation which is threatening to derail economic growth, the Indian Finance Minister, P.Chidambaram has proposed to attend the leading oil producer’s and consumers meet in Jeddah along with the Petroleum minister Mr.Murali Deora, to press his case for taking urgent steps to cool oil prices.
The recent hike in the fuel prices made in
With crude prices once again showing volatility and climbing to $ 133 barrel, Sunday’s meeting of energy Ministers in Jeddah has assumed great significance.
The decision to send the Indian Finance Minister, P.Chidambarama to the meeting called by King Abdullah of Saudi Arabia to discuss measures to stabilize the international oil market.
All eyes are on this high level meeting between producers and consumer-nations.
P.Chidambaram would interact with leading OPEC members and seek their intervention in cooling crude prices.
The idea is to get a proper feedback from the oil producers in order to chart a strategy for dealing with a situation that could emerge in future.