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With India making it clear that it will “play the market card and import crude from wherever it’s available”, OPEC Secretary General Haitham Al Ghais on Monday said that the grouping had “solid ties” with India, as it is ready to supply more oil and petroleum products to it.
Bengaluru, Feb 6,2023: With India making it clear that it will “play the market card and import crude from wherever it’s available”, OPEC Secretary General Haitham Al Ghais on Monday said that the grouping had “solid ties” with India, as it is ready to supply more oil and petroleum products to it.
Talking to media persons on the sidelines of the India Energy Week, Ghais, asked whether OPEC feared loss of market share as India is buying a bulk of its crude from Russia, said that OPEC shares a diverse relationship with India which dates back to a long time.
“Relationship between India and OPEC is solid and it forges ahead into other dimensions like investments,” he said.
Earlier, Petroleum Minister Hardeep Puri while addressing a ministerial session, said: “India will play the market card and import crude from wherever it’s available.”
He said that while there have been nations who did not enjoy the luxury of not having to worry about meeting their daily energy needs, India has managed to ensure smooth supply of crude to its people.
On fuel prices, Puri said that the government took a hit and decreased excise duty on petrol and diesel twice in the past 15 months to insulate people from high prices of crude and let go of its revenue.
“Now we are taking steps to ensure that there is no repeat of an energy crisis, and therefore we are entering into long term supply agreements. We will play the market card and import crude from wherever it’s available,” he said.
Puri further said that India is also increasing its transition towards biofuels and green hydrogen.
