Battling a severe slowdown, India on Tuesday implored Organization of the Petroleum Exporting Countries (Opec) to not affect deeper crude oil production cuts. In meeting between petroleum and natural gas minister Dharmendra Pradhan and Mohammad Sanusi Barkindo, secretary general, Opec, India also pitched for better commercial terms for crude oil imports.
Pradhan requested for a reduction in official selling price, extension of credit period from existing 30 days to 90 days from bill of lading, freight discount and open credit based on credit worthiness of Indian state run refineries such as Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd.
With Opec accounting for 80% of India’s crude oil imports, any production cut by the so called Opec plus arrangement may compromise India’s energy security efforts in the short run. Read More
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