New Delhi: India is forming a government-led and private screening team.
India, the world’s third-largest oil importer and consumer, relies on about 85 percent of its raw materials and imports most of them from the Middle East.
The screening team first meets once a week to exchange ideas on secret purchases.
“The companies can create joint strategies and go as far as possible,” he told Reuters.
Indian state refineries negotiate some crude oil purchases.
To date, a joint agreement has resulted in a significant reduction in Iran’s oil supply, not just government control, but also private refineries.
In the wake of the worst energy crisis in India in recent years, local gasoline and oil prices have risen sharply, and the country wants to double its efforts to buy wisely.
Higher import bill
India’s trade deficit reached $ 22.6 billion in September, the highest in 14 years, driven by imports.
According to Kapor, the Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC +, should increase production to reduce oil prices.
“OPEC + should realize that this is not the right approach, they should speed up production. If demand is growing and you are not increasing production, you are trying to create a gap, ”he said.
As a result, prices are rising and this is not true.
OPEC + has agreed to increase its production by November to 400,000 barrels (bpd) a day, as it seeks to narrow its output by 5.8 million bpd.
Capor said rising oil prices would motivate oil consumers to “switch to other forms or take serious steps to curb OPEC oil demand.”
These types of prices are not permanent. India has spent billions of dollars on refineries, reducing OPEC crude oil production.
High oil prices are attracting investment to higher activity, which could lead to higher yields outside the Gulf, Kapor said.