NEW DELHI: Petroleum minister Dharmendra Pradhan has asked the Organization of the Petroleum Exporting Countries (Opec) to adopt ‘responsible pricing’, which is critical for India’s for socio-economic and development. He told OPEC secretary-general Sanusi Mohammad Barkindo that in today’s oversupplied market, it is important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centres.
Pradhan also suggested that Opec at its ministerial meetings give wider consideration to India’s requests.
He emphasised the need for a purposeful dialogue among producer and consumer countries. He reiterated that the need for an ‘Asian Dividend’ rather than charging ‘Asian Premium’ on the crude supplied to India. “Countries like India should actually be the ‘preferred destination’,” he said.
India sources 86 per cent of crude oil, 75 per cent of natural gas, and 95 per cent of LPG from Opec member countries.
Barkindo is in Delhi to attend the first CERA Week India Energy Forum.
Both leaders also discussed the current scenario of oil and gas industry of the world and exchanged notes on the recent developments, according to an official statement.
Pradhan said India is putting a lot of emphasis on diversifying its crude oil supply sources and tapping new supply sources. Senior officials from the petroleum ministry attended the meeting. Pradhan informed Barkindo that in India, seven public- and private-sector refineries together operate all 23 refineries processing over 235 million tonnes of crude annually.