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India keen on expansion of oil import sources

First ever shale oil order was placed to U.S. by Indian Oil Corporation. The prices of the order were very competitive compared with that being offered by Gulf nations.

Impact of import of oil from new sources like U.S:

• It will allow India to procure oil at competitive price, thus will lessen the import bill.
• It will act as pressure on OPEC countries to reduce the  Asian Premium  on oil prices – a differential price on oil sold to Asian countries - a demand which India has raised long ago.
• The onus of transporting and delivering the supply will lie on the shale companies, a shift from the Free on Board (FOB) model - in this model, the shipping costs are borne by the buyer as the buyer takes delivery of the item as soon as it leaves the seller s shores.

The deal of IOC and BPCL along with U.S. companies, for 3.5 million barrels and 1.9 million barrels respectively, will have PetroChina transporting the oil on behalf of the U.S. companies.

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