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How India plans to seek better bargains with global oil producers

Iran has offered to increase a discount on freight prices to Indian state refiners to double its sales to the companies, which control about one-third of India's refining capacity

Reuters  |  New Delhi 

India is aiming to drive harder bargains with global oil producers, including Saudi Arabia, during bilateral meetings at a conference of energy ministers this week, officials said, leveraging its strength as the world's third-biggest crude importer. Key producers from the Organization of the Petroleum Exporting Countries (OPEC), threatened by the rising output from new and non-OPEC countries, are trying to secure a foothold in India where refining capacity is set to surge to 8 million barrels per day (bpd) by 2030 from 5 million bpd. An official from India's oil ministry ...

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First Published: Tue, April 10 2018. 19:21 IST