India threatens to trim down oil imports from OPEC if high prices persist
India has warned the Organization of Petroleum Exporting Countries (OPEC) that it would turn to other oil import sources if the organization does not cut the prices at which it is currently supplying oil.
Calling for an immediate relief from the Asian premium levied by OPEC, India’s Minister of Petroleum and Natural Gas Dharmendra Pradhan asked the cartel to give wider consideration to the perspective of consumer countries at its ministerial meetings. India currently sources about 86 percent of crude oil, 75 percent of natural gas, and 95 percent of LPG from OPEC member countries.
“OPEC should work towards “Responsible Pricing” which is important for India for socio-economic and developmental reasons,” Pradhan said to Sanusi Mohammad Barkindo, Secretary General, OPEC, during the meeting in New Delhi.
“Three Indian public sector refineries have already placed a cumulative order 7.85 million barrel from the U.S. In addition, a private sector refiner has also placed an order of two million barrels from the U.S.,” Pradhan informed the OPEC secretary general.
The India Energy Forum is being attended by a galaxy of international speakers as well as a community of more than 500 delegates from international and regional energy companies, institutions and governments, including the CEOs of Saudi Aramco, Mubadala Petroleum, XLNG & XCoal, board level representatives from BP, Gazprom Neft, ExxonMobil, Shell, Emeron, Chevron, International Energy Agency and others.
Meanwhile, Saudi Aramco, which is India’s largest oil supplier, is expected to establish a joint venture with Indian companies by next year. On Sunday, Indian Petroleum Minister Dharmendra Pradhan inaugurated Saudi Aramco’s first office near New Delhi.