Current Affairs - International - Discussion

Union Petroleum Minister Dharmendra Pradhan has said that India, China and other Asian countries will work together to voice against the "Asian Premium" being charged by the Organisation of the Petroleum Exporting Countries (OPEC). OPEC sells oil to Asian countries, including India, at a higher price as compared to America and European countries. The price differential is referred to as 'Asian Premium'. Mr. Pradhan has stated that his Ministry has nominated Indian Oil Corporation Chairman Sanjiv Singh to coordinate with the head of China National Petroleum Corporation (CNPC) and frame a suitable strategy for getting better price for oil exports from OPEC countries.