India gives OPEC a sharp message

NEW DELHI:Oil minister, Dharmendra Pradhan, on Thursday met ambassadors from OPEC member-countries.Dharmendra Pradhan gave them a sharp message stating that the cartel members countries should be responsible with the oil pricing, or to be ready for losing a market share.

Pradhan’s meeting with the OPEC envoys comes after India’s talks with China, on Monday, for an oil alliance, during which one of the proposals on the table envisaged Indian refiners buying equity crude directly from Chinese companies with stake in overseas projects instead of the spot market.

These developments add to the negotiating strength of India, as the world’s third largest oil importer.Another issue raised by the minister was the Asia Premium charged by West Asian oil exporters for shipments to Asian buyers, as opposed to Europe.

These talks have laid ground for Pradhan to convey India’s message to OPEC energy ministers at the two-day OPEC international Seminar, in Vienna, next week.