West Asian producers, such as Saudi Arabia, charge a so-called Asian Premium for shipments to Asian buyers, including India and Japan, as opposed to Europe.7 million barrels per day, up 6. At the 16th IEF ministerial meet in April this year, India and China, which together accounted for 17 per cent of world oil consumption last year, agreed to look for ways to leverage the combined size of their imports for a better bargain from West Asian crude producers. “As has been the case for some years, China and India together will contribute nearly 50 per cent of global oil demand,” the agency had said in China 24/410 Trigger Sprayers Manufacturers a report.With CNPC or its affiliates selling in the overseas market a large portion of oil produced from fields it owns in third countries, India expressed interest in buying the Chinese firms equity oil directly, the source said.India is the worlds third-largest oil importer after China and the US.By 2023, oil demand will hit 104.
With oil producers cartel OPEC playing havoc with prices, India discussed with China the possibility of forming an oil buyers club that can negotiate better terms with sellers as well as getting more US crude oil to Asia to cut dominance of the oil block.”Why should biggest consumers pay more.The then oil minister Aiyar had in 2005 hosted two ministerial roundtables to impress upon the need for a reasonable oil pricing and getting rid of discriminatory Asian Premium — the first involved major Asian consumers such as China, Japan and South Korea and the other roped in alternative oil producers of North and Central Asia.8 per litre hike in petrol and Rs 3.As a follow up of Oil Minister Dharmendra Pradhans idea floated at the International Energy Forum (IEF) meeting here in April, Indian Oil Corp (IOC) Chairman Sanjiv Singh travelled to Beijing this month to meet Wang Yilin, Chairman of China National Petroleum Corp (CNPC), a top source said. That proposal resulted in a memorandum of understanding in 2006 but it was lost in the complexities of bilateral ties. Similar collaboration will be proposed to Japan and Korea as well. So far, India has not been able to bargain better rates from the Gulf-based producers of the oil cartel, OPEC..The source said possibilities of joint sourcing of oil as well as combined bargaining to bring down Asian premium was discussed. Japan is the fourth largest importer and South Korea is right behind it. Singhs visit was to take this forward with concrete proposals for cooperation, the source said.
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