(LiveMint)
Soon after India started importing crude oil from the US at $2 a barrel cheaper than Dubai crude, oil minister Dharmendra Pradhan told the 14-member cartel of producing nations, the Organization of the Petroleum Exporting Countries (Opec), that New Delhi has other buying options.
Pradhan who met Opec secretary general Sanusi Mohammad Barkindo in the capital on Sunday said “responsible pricing” by the producers’ grouping was important for India’s socioeconomic and development, a statement from the oil ministry said. Opec accounts for 86% of crude oil, 75% of gas and 95% of liquefied petroleum gas (LPG) that India imports.
The statement said quoting the minister that India is putting a lot of emphasis on diversifying its crude oil supply sources and tapping new supply sources. The Indian side also highlighted the recent arrival of crude oil cargo of 1.6 million barrels from US.
“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 US,” said the statement quoting Pradhan.
