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Stop asking premium from Asian buyers, India tells OPEC

India today again asked oil cartel OPEC to get rid of premium that is charging its Asian buyers saying oil producers should not subsidise others during the expense of countries like India. Reiterating brand New Delhi’s demand that is decade-old Oil Minister Dharmendra Pradhan said OPEC should work towards “responsible price”, which would allow major consuming countries to give power to your common people. Higher prices will force them to go for alternate kinds of energy which is slowing down the need of crude oil, he stated in their address at the next high-level meeting of this OPEC-India Energy Dialogue here. “During my visit that is last to when it comes to 6th OPEC International Seminar in 2015, I had raised the dilemma of ‘Asian Dividend not Asian Premium’. “The issue of Asian Premium still continues to exist. Our companies spend billions of dollars on this account. They nevertheless don’t comprehend the explanation of the cross subsidisation of tariff between West plus the East,” he said.

Pradhan’s predecessors, particularly Mani Shankar Aiyar, had in past vociferously raised the issue of OPEC members charging the premium that is so-called Asian buyers but the cartel has refused to act from the problem. OPEC, Pradhan said, should treat Asian markets as primary markets. “It’s strategy of incentivising western markets in the last didn't bring about retaining those areas.” Stating that OPEC member countries are when you look at the company of selling oil and perhaps not subsidising it, he said, “don’t subsidise others at our expense.” “I urge the OPEC and he said through you also to non-OPEC countries to purposefully consider this. The oil cartel, which is the reason over 40% of world’s oil supplies, should work towards ‘responsible price’, he stated, incorporating discussion between producers and consumers help better understand each other’s prescpectives. Source - www.techmanos.com

Pradhan stated India keeps growing consistently at over 7% while the growth rate into the energy sector is 7-8%, that will be double the rate of several markets that are developed. With increasing demand and consumption, Asia is imports that are increasing additionally its refining capacity. “Today, our annual refining capacity is 235 million tonnes of which 194 million tonnes of items are consumed domestically, as the rest is exported. In the same time our energy consumption is expected to double in the following fifteen years. “We are in reality net exporters of gasoline, naptha, jet gas and gas oil. Our company is within the means of increasing our refining capability to around 310 million tonnes by 2023. India is quick learning to be a refinery hub,” he said. Also, Indian businesses are spending about $80 billion in petrochemicals in next 3-5 years.

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