Indian state refiners are jointly negotiating oil purchase deals with OPEC producers for the first time, as the world’s third biggest consumer seizes on low prices to wrest better terms in a market awash with crude. In a sign of the shift in power from oil sellers to buyers, India is reviewing its import policy at a time when OPEC members are focused more on protecting market share than boosting prices that are down some 70 percent in the last 20 months. While producers have shown no sign yet of willingness to discount long-term price benchmarks, or official selling prices (OSPs), they have discussed concessions on loan terms and shipping that would reduce costs, said Indian industry and government officials familiar with the talks. In the last […]