Indian initiative gets Asia together for a new oil benchmark
New Delhi: India's aggressive diplomatic efforts to seek a more equitable oil order seem to be paying off in a big way.
Oil ministers from nine Asian countries, including Saudi Arabia, Iran, UAE, Qatar, China and India, met in New Delhi today to try and usher in a new order in the world of oil supply. Asian countries, which account for 35 per cent of the global oil consumption, pay more than the Western countries for their oil imports.

The Asian ministers got together to build an Asian pressure group within the world of international oil trade to get fair and stable oil prices.

"We have already emerged as the world's principle source of supply. we are emerging as the world's principle destination for the consumption of that supply," said Petroleum Minister Mani Shankar Aiyar.

Key oil producers such as Saudi Arabia and Iran are in favour of improving regional interdependency. They have suggested joint investments and setting up of an Asian Bank for financing energy projects. The Saudis, the largest oil producer, have promised to meet the demands of their Asian neighbours.

Asian buyers are seeking a new Asian benchmark price, which will be at par with benchmarks used in the West. Japan, Saudi Arabia and Qatar have already agreed to host the summit in future.
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