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OPEC - Asian Premium issue
April 24 , 2018
2406 days
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- India is coordinating with China and other Asian countries to raise voice against Asian premium charged by Organisation of the Petroleum Exporting Countries (OPEC).
- Asian Premium is extra charge being collected by OPEC countries from Asian countries in comparison of selling oil prices to western countries.
- India sources about 86% of crude oil, 75% of natural gas and 95% of LPG from OPEC member nations.
- India has emphasized implementation of ‘Responsible and Reasonable Pricing’ by oil-producing
Organization of the Petroleum Exporting Countries (OPEC)
- It was established in 1960 in Baghdad, Iraq.
- Saudi Arabia, Iran, Iraq, and Kuwait, Venezuela are the first five founding members of the OPEC.
- It's headquarters is located in Vienna, Austria.
- The OPEC is an intergovernmental organization of 14 oil-exporting nations. It coordinates and unifies the petroleum policies of its member countries.
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