Pradhan raises issue of Asian premium charged on oil with OPEC

Share

Traders said that oil prices received support from a statement by the Organization of the Petroleum Exporting Countries (OPEC) saying that oil markets had re-balanced following years of oversupply.

Calling for an immediate relief from the Asian premium levied by OPEC, India's Minister of Petroleum and Natural Gas Dharmendra Pradhan asked the cartel to give wider consideration to the perspective of consumer countries at its ministerial meetings.

Pradhan reiterated that OPEC should work towards a "responsible pricing" that is important for India for socio-economic and developmental reasons. India now sources about 86% of crude oil, 75% of natural gas, and 95% of LPG from OPEC member countries.

Under the Cloud of a Bad Call, Joe Girardi Contemplates His Future
Tanaka beared down and fanned No. 3 batter Jose Ramirez and Bruce, then turned to shout and slapped his mitt in excitement. He was limited to 90 games in the regular season and played two games after August 8 after spraining his right ankle.

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.

US shale oil production matters for traders watching the global balance between supply and demand.

"Three Indian public sector refineries have already placed a cumulative order of 7.85 million barrel from the US". In addition, a private sector refiner has also placed an order of 2 million barrel from the USA, the statement added.

With eye on series, India face Australia in second T20I
Dhoni (wk), Hardik Pandya, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar , Ashish Nehra, Axar Patel. The second game of the three-match T20I series between India and Australia will start at 7 PM on Tuesday, October 10.

CEOs and top officials from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood MacKenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, IndianOil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, World Bank, and International Energy Agency were present at the meeting.

The shipment of crude oil which is $2 a barrel cheaper than Dubai crude arrived at the Paradip port last week.

Last November, major oil producers agreed to cut output as a response to the global supply glut that had been pushing down prices for almost two years. Lower compliance with the curbs promised by some nations combined with rising production in OPEC members Libya and Nigeria - both exempt from reducing output due to their internal strife - have added pressure on Saudi Arabia to make deeper cuts of its own.

Iran warns USA over Revolutionary Guards terror label
The pledge came a week before US President Donald Trump announces his final decision on how he wants to contain Teheran. Qasemi also described as "baseless" claims that Iran is working with North Korea on nuclear weapons development.

Share