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OIL: India in Favour of OPEC Production Rise

OIL
BulletEnergy BulletsCommodities

India is in favour of OPEC raising production to keep oil prices in check, according to India Oil Secretary Pankaj Jain.

  • Indian companies are to maximise crude purchases from the cheapest suppliers including Russia, Jain added.
  • India’s state-owned refiners may reduce diesel and gasoline prices if crude oil remains low for longer.
  • The India oil ministry in talks with the finance ministry over the issue of windfall tax on crude. Jain sees no windfall tax on refined fuels if product cracks stay low.
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India is in favour of OPEC raising production to keep oil prices in check, according to India Oil Secretary Pankaj Jain.

  • Indian companies are to maximise crude purchases from the cheapest suppliers including Russia, Jain added.
  • India’s state-owned refiners may reduce diesel and gasoline prices if crude oil remains low for longer.
  • The India oil ministry in talks with the finance ministry over the issue of windfall tax on crude. Jain sees no windfall tax on refined fuels if product cracks stay low.