India re-emphasised its demand for a ‘responsible price’ of crude oil and natural gas during a meeting with Secretary General of the Organization of the Petroleum Exporting Countries, Mohammad Barkindo, on Sunday.

In an official statement, Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said in today’s oversupplied market, it was important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centres. During the meeting, he emphasised the need for a purposeful and improved dialogue among producer and consumer countries, the statement added.

Pradhan reiterated that OPEC should work towards a “responsible pricing” that is important for India for socio-economic and developmental reasons.

He emphasised that the OPEC countries should pay an ‘Asian Dividend’ rather than charging an ‘Asian Premium’ on the crude supplied to India. Countries like India should actually be the “preferred destination”, he added.

The demand gains prominence as India is diversifying India's crude oil supply sources. The OPEC delegation was also informed of the recent import of 2 cargos of crude oil from USA to Indian refineries. The 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 2 million barrel from the US, the statement added.

India currently sources about 86 per cent of crude oil, 75 per cent gas and 95 per cent LPG from OPEC countries.

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