• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 4 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 1 hour Will Uncle Sam Step Up and Cut Production
  • 8 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 3 mins Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on terrorism, wars, lopping off heads * Too late now
  • 17 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 16 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 11 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 22 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 17 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 20 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 12 hours US Petroleum Demand Strongest Since 2007

India Uses Its Oil Demand Power To Secure Better Deals With OPEC

Oil Rig

India wants better deals with OPEC, asking for “responsible price” and “seller-buyer alignment”, India’s Petroleum Minister Dharmenda Pradhan said on Twitter on Monday, following a meeting with OPEC’s Secretary General Mohammad Barkindo in Vienna.

India raised the issue of “Asian Premium” still being charged by some OPEC members for supplies to India, Pradhan noted.

Ahead of the minister’s trip to Vienna, Times of India quoted an official as saying that “New Delhi is aiming to change the narrative from ‘Asian premium’ to ‘Asian discount”.

“It is seeking discount, longer credit period and priority loading, among other things. It is for Opec to decide whether it wants to retain its market share,” the official said, as quoted by Times of India, wielding its own clout and perhaps preying on OPEC’s perceived weakness ahead of the OPEC production cut meeting on May 25.

At the meeting with Barkindo at the OPEC-India Energy Dialogue, Pradhan underlined the importance of cooperation, since 86 percent of India’s crude oil imports come from the cartel, according to a press release by OPEC.

The Indian minister also tried to emphasize the message for better terms for its deals with OPEC in India’s expanding refining and petrochemicals sector.

Pradhan’s delegation consisted of all 7 refiners including IOCL, HPCL, BPCL, MRPL, Reliance, Essar, HMEL, the minister said on Twitter. India’s delegation included the CEOs of the seven public and private refiners who manage all 23 refineries in India currently processing around 4.7 million barrels a day, OPEC said in its statement.

“Both Parties underscored the importance of further expanding direct dialogue between Indian companies and their counterparts in OPEC Member Countries, particularly in the downstream, to help meet the ever-growing demand for oil in India,” OPEC said.

After the meeting, Pradhan said at a news conference that Saudi Aramco was “strongly interested” in a project with Indian state refining companies.

Last month, Indian media quoted Pradhan as saying that Aramco was in talks to buy a stake in a planned refinery expected to be built by state refiners on India’s west coast that would be the country’s biggest refinery.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play