Industry > Industry monitor > Oil & gas
31 March 2021
A spike in the prices of crude oil, especially after the producer cartel Organisation of Petroleum Exporting Countries (Opec) has forced India to revamp its Strategic Energy Partnership (SEP) with the United States.
Towards this, India’s minister of petroleum and natural gas Dharmendra Pradhan on Monday held a virtual meeting with US Secretary of Energy Jennifer Granholm.
While the meeting was only introductory, both leaders agreed to revamp the India-US SEP to reflect the new priorities of Prime Minister Narendra Modi and President Joe Biden with focus on promoting clean energy with low-carbon pathways and accelerating green energy cooperation.
State refiners, which control about 60% of India s 5 million barrels per day (bpd) refining capacity, together import an average 14.7-14.8 million barrels of Saudi oil in a month, the sources said.
India, the world s third-biggest oil importer and consumer, imports more than 80% of its oil needs and relies heavily on the Middle East.
Hit hard by rising oil prices, oil minister Dharmendra Pradhan has repeatedly called on the Opec and its allies, known as Opec+, to ease supply curbs.
He has blamed Saudi s voluntary cuts for contributing to a spike in global oil prices.
Opec+ decided this month to extend most cuts into April. Responding to Pradhan s request, Saudi energy minister Prince Abdulaziz bin Salman suggested India dip into strategic reserves filled with cheaper oil bought last year.
NEW YORK • Oil prices rose towards US$69 a barrel yesterday as investors focused on prospects for tighter supply due to extended Opec+ output curbs and amid growing hopes of a recovery in demand.. Read more at straitstimes.com.
DUBAI, March 4 Opec and its allies in will decide today whether to freeze oil output or raise it slightly from April as a recent price rally is clouded by concern over the fragility of economic recovery during the Covid-19 pandemic. The market has been expecting the Opec+ group of producers to.