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After telling Organization of the Petroleum Exporting Countries (Opec) members on Sunday that India has other options to buy oil at competitive prices, New Delhi is set to play hardball with its traditional suppliers from the Middle East on pricing.
India is reworking its import strategy by stepping up the share of short-term contracts to take advantage of the bear market and is exploring long-term supply deals at the discounted price with its newest oil trade partner, the US, the re-entry of which in global oil markets last year has stepped up competition among suppliers.
“The economics of oil is very dynamic. We have some long-term contracts with the Middle East (suppliers) which we will continue with. Wherever we get competitive prices, we will buy. Price is very sensitive to us,” oil minister Dharmendra Pradhan said at a press conference.
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