Jeddah (Saudi Arabia), Jun 22: On Sunday, June 22, India asked the oil producing countries to increase their oil supply and sighted the global inflation as a repercussion of the rising fuel price. Finance Minister P Chidambaram along with Petroleum Minister Murli Deora had left for Saudi Arabia last night as part of efforts to address the issue of spurt in global oil crisis, a development that pushed the inflation to 11.05 per cent in India. It is presently at 13-year high.
Chidambaram and Deora have come to Jeddah to attend a high-power meet of oil producing and consuming nations along with representatives from 35 other countries. "My presence in Jeddah emphasises the global nature of inflation. We cannot operate under these prices and oil producing countries need to calm oil markets," said Chidambaram.
He, however, said: "Saudis have assured that supply will not be a problem."