Price, Not Politics, Is Driving Most of India’s Oil Buying
India’s imports of spot crude cargoes from producers such as the United States and Venezuela are being driven by the prevailing cargo and oil prices, the top executive of India’s state-owned Oil and Natural Gas Corporation (ONGC) has said. “Imports are decided by the price, except for term crudes.
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Key Facts
- Fact 1: But it looks like at least 60 per cent plus of India’s oil imports is a function of the price in that particular month or M+2,” Singh added.
- Fact 2: Despite a decline in dependence on primary energy imports, India remains highly dependent, at a massive 90%, on crude oil imports for its consumption.
- Fact 3: By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com Europe’s Wind Power Buildout Jumps 30% in First Half U.S.
India’s imports of spot crude cargoes from producers such as the United States and Venezuela are being driven by the prevailing cargo and oil prices, the top executive of India’s state-owned Oil and Natural Gas Corporation (ONGC) has said. “Imports are decided by the price, except for term crudes.
Now term crudes are gradually going down. Spot crudes are mostly decided cargo-to-cargo based on price,” ONGC chairman and CEO, Arun Kumar Singh, told Indian media after the company’s annual general meeting. “So, how much will be imported, we don’t know.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
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