National   

Concessional pricing sought

By Our Special Correspondent

NEW DELHI JAN. 9. The Organisation of Petroleum Exporting Countries (OPEC) is considering India's request for concessional pricing of crude oil for developing countries. It expects to arrive at a decision shortly on the issue, according to the new OPEC President, Abdulla bin Hammed al Attiya.

Speaking on the sidelines of the Petrotech 2003 conference, he said all proposals submitted in this regard were being considered and a decision would be taken soon. OPEC would hold a meeting on January 12 in Vienna to consider steps to curb the surge in prices by increasing production quotas of member countries.

Mr. Attiyah told newspersons that the Vienna meeting would consider all steps to stabilise the markets as well as demand and supply of crude oil in the world. The meeting had to be held since world oil prices had shot up largely due to fears over a possible strike on Iraq by the United States. The OPEC has fixed a price band of $22 to 28 within which prices are allowed to float and any movement beyond this band warrants a review by the oil cartel. India has made a plea for concessional pricing of crude oil exported to developing countries as well as removal of the premium being paid by Asian countries. The crude oil supplied by OPEC member countries to India carries a $2 a barrel premium as compared to the same crude sent to Western countries.

Mr. Attiyah, who was not able to give a time frame for a decision on India's proposal, said OPEC was supportive of the growth and economic development in developing countries. It sought to help consuming countries.

The Petroleum Minister, Ram Naik, who had written several letters to OPEC on the issue, expressed the hope that OPEC would consider all possible measures, including increasing production at its coming meeting to check the volatility in global oil prices. For India, he said, prices in the lower half of the $22 to 28 a barrel price band would be desirable.

Printer friendly page  
Send this article to Friends by E-Mail

National

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• 'Peace efforts in J&K will be hit'
• NHRC chief deplores tardy relief to Gujarat riot victims
• Lyngdoh's remarks uncalled for: BJP
• Shun violence, Mufti tells militants
• Cold wave toll 230
• Audience rendered speechless
• Amartya Sen warns against exclusivism
• BJP finalises two names for U.P. Council polls
• Sonia, Manmohan not to address meet
• Orders reserved in PPSC scam case
• One Kelkar recommendation accepted
• Emulate the Jews: Sinha
• 'Nothing wrong' with linking rivers
• Poor response to Surat bypoll
• `Investments in oil sector will aid GDP growth'
• Special panel on health formed
• BJP for greater control of Overseas Friends
• Hindutva concept will harm women: Brinda Karat
• Our doors are open, says PM
• Katiyar asked to restrain himself
• Concessional pricing sought
• No decision yet on sugar industry's plea
• Dec. 13 attack victim dies
• Oil companies' stockpile for 40 days
• Mayawati refutes Mulayam's charge
• Significance of Kawaguchi's visit
• B.C. Sanyal dead
• 'Emulate Jewish diaspora'
• Plea to ensure `fair' trial for Geelani
• Cabinet nod for decision on Abu Salem

Copyright © 2003, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu