ONGC CEO Says Price Drives 60 Percent of India Oil Imports

The Chairman and CEO of the Oil and Natural Gas Corporation (ONGC), Arun Kumar Singh, announced that prevailing monthly crude prices determine more than 60 percent of India's oil imports, including shipments from Venezuela and the United States. Speaking after the company's Annual General Meeting, Singh explained that spot crude imports are decided on a cargo-to-cargo basis while term crude supplies are gradually decreasing.

Singh stated that ONGC is balanced against price volatility through an integrated business model. He noted that 60 percent of operations are dedicated to exploration and production, while 40 percent are non-E&P, allowing the company to remain stable within a price range of 60 to 90 USD per barrel.

Addressing potential disruptions to Russian oil imports, Singh acknowledged that geopolitical issues could cause temporary supply trouble. However, he expressed the view that economic considerations would eventually prevail and that crude oil will remain available to India.