Asian Premium
Recently, Saudi Arabia, world’s second largest oil producer, slashed the premium charged on exports to India, citing India’s bulk sourcing from Russia.
- Asian Premium is an extra amount levied by the Organization of the Petroleum Exporting Countries (OPEC) from Asian countries above the actual selling price.
- Producer countries began issuing marker prices for their crude oil in the 1980s, such that it was higher for buyers in Asia, who were more dependent on imports, making them price-takers.
- Asian buyers like India, made attempts to erode the premium, investing in refining capacity to boost their demand, and improve their negotiating power by asking for ....
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