Economy

Opec should adopt responsible pricing: Petroleum minister Dharmendra Pradhan

Opec should adopt responsible pricing: Petroleum minister Dharmendra Pradhan”

India has started importing crude oil from the USA at $2 a barrel cheaper than Dubai crude.

Petroleum Minister Dharmendra Pradhan on Sunday again raised the issue of premium being charged on oil supplied to Asian countries by some OPEC members and asked that a reasonable pricing policy be adopted by the 13-nation producers' cartel.

Speaking during his regular weekly broadcast on state-run VTV, Maduro said he discussed the issue at an October 4 gathering in Moscow with "25 ministers from the world's oil and gas producing countries". "Countries like India should actually be the "preferred destination", he said. The Indian side also highlighted the recent arrival of crude oil cargo of 1.6 million barrels from US.

India now sources about 86 per cent of crude oil, 75 per cent gas and 95 per cent LPG from OPEC countries. The three Indian public sector refineries have already placed a cumulative order 7.85 million barrel from the US. "In addition, a private sector refiner has also placed an order of two million barrels from the USA", said the statement quoting Pradhan.

Government sources counted Bob Dudley, chief executive of BP Plc; Igor Sechin, head of Russian oil giant Rosneft and a close confidante of President Vladimir Putin; Amin H Nasser, chief executive of the world's largest oil exporter Saudi Aramco; and Robert S Franklin, vice-president of ExxonMobil, among those who are expected to be at the session. Ltd was set to receive its first crude oil shipment from the United States on 2 October, after Washington re-entered the export market past year. An email sent to RIL remained unanswered at the time of publishing.

Pradhan highlighted that in the now oversupplied crude market, it is important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centres, and suggested that the OPEC at its ministerial meetings give wider consideration to Indias requests.

Pulitzerwinning oil historian and vice-president of oil industry data service provider IHS Markit, Daniel Yergin, who has emerged as India's key interlocutor in the U.S. for energy issues, also attended the session. India has a refining capacity of 235 million tonne of crude.



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