Price, Not Politics, Is Driving Most of India’s Oil Buying ...Middle East

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Price, Not Politics, Is Driving Most of India’s Oil Buying
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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,…

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