Opec to consider India's price concession request

NEW DELHI: Organisation of Petroleum Exporting Countries (OPEC) on Thursday said it was considering India''s request for concessional pricing of crude oil for developing countries, but did not give any time frame for taking a decision.
"We are considering all proposals. India''s request too is under consideration. We hope to arrive at a decision soon," the newly appointed president of Opec Abdulla Bin Hammed Al Attiyah told reporters on the sidelines of Petrotech 2003 conference here.
India, which imports 70 per cent of its 105 million tonnes crude oil requirement annually, has been making compassionate pleas for concessional pricing of crude and removal of Asia premium.
The crude oil supplied by Opec member countries to India carries a two dollar per barrel premium as compared to the same crude supplied to the western countries.
"We are supportive of growth and economic development (of developing countries). We believe Opec is sincerely working to help consuming countries," he said.
He, however, did not give a definitive time frame for arriving at a decision on India''s request.
"I think (it) needs a lot of preparation. It will take some time," he said.