India, Saudi Arabia agree to stabilize oil markets

• India and Saudi Arabia have agreed to enhance global oil market stability and balance energy market dynamics.

• The agreement was made following Prime Minister Narendra Modi’s visit to Saudi Arabia, which was cut short due to the Kashmir terror attack.

• The two nations agreed to enhance cooperation in the energy sector, including the supply of crude oil and its derivatives.

• They also agreed to work on developing supply chains and projects related to the energy sector, enabling company cooperation, and enhancing energy efficiency.

• Both sides emphasized the importance of climate change cooperation and the signing of a MoU between India’s Telecom Regulatory Authority and Saudi Arabia’s Communications, Space and Technology Commission.