President and CEO of Aramco, Mr. Abdallah S. Jum'ah said that the speculations are the major reason for fluctuation in the oil prices and it would take some time for the price stability. Aramco is Saudi Arabia based largest company in the world in oil production and exploration.

Mr. Abdallah, who has decided to retire at the end of December 2008, after serving the company for 14 years, wishes to co-operate with India in oil sector and said that India has limited reserves of oil and it is largely depend on oil imports. The company wants to work with India to satisfy its needs in the petroleum sector. The company chief was delivering a lecture at GreatCorps World Business Statesman.

He said that India would become the world's third largest importer of petroleum due to it's huge increase in oil consumption by 2030. India would emerge as a leading economy in the coming times, which indicates a shift in the global power and influence from the developed world to the developing countries.

Speaking at the occasion, Reliance Industries chief, Mr. Mukesh Ambani said that current situation is not good to invest in the oil sector due to the volatility in crude oil prices. He said, "when in 1999 we started our first refinery at Jamnagar, we saw a recession globally and when we are about to start our second refinery (at Jamnagar), history is repeating itself."