In response to changes in emerging global energy dynamics, Saudi Arabia, the world’s second largest oil producer, has reduced the premium it charges India on its oil shipments. The Asian premium, a surcharge imposed by the Organization of the Petroleum Exporting Countries (OPEC) on Asian countries above the market-based selling price, has been a source of concern for India. India has consistently advocated the repeal of this premium as well as the introduction of an ‘Asian discount’ in its place.
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