In­dia threat­ens to trim down oil im­ports from OPEC if high prices per­sist

Tehran Times - - ENERGY -

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.

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