India looks at non-Opec options to tame oil prices

Unreasonable output curbs by oil producers’ cartel, the Organization of the Petroleum Exporting Countries (Opec), have forced India to negotiate alternative long-term supplies from outside the grouping such as the US and Russia amid soaring petrol and diesel rates in the country, two officials familiar with the matter said.

India is the world’s third largest crude oil importer after the US and China. Hence oil producers cannot ignore India for long without losing their market share to other competing countries, the officials said, requesting anonymity.

“Interestingly, even Russia (which is an outside ally of Opec in the cartel’s recent production cuts) is in touch with us for long-term crude supply contracts at concessional terms.