Oil slip for India? Eye on west coast refinery, Saudi aiming for $80 price

Crude oil's rally to $70 a barrel is threatening to clip India's economic wings; while India would like to see the prices at $50 a barrel, Saudi Arabia is said to be aiming for oil near $80

Oil’s rally to $70 a barrel is threatening to clip India’s economic wings at a time when Saudi Arabia is looking to join a $30 billion refinery project in the world’s fastest growing market.

India wants to see prices at about $50 a barrel in order to manage its finances better, Oil Minister Dharmendra Pradhan said in an interview. 

Meanwhile, Saudi Arabia -- which is said to be aiming for oil near $80 to pay for its own crowded policy agenda -- is planning to sign a deal to participate in a refinery on India’s west coast as part of