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Asia's oil markets are being upended as India's and China's refiners overtake once-dominant buyers likeJapan and challenge the United States as the world's biggest consumer. The shifts are not only establishing new trade routes but are also challenging the way oil is priced in the region as the new players push for more cash cargoes and fewer long-term deals. Read Full Article Over Here :  Business Standard News Read more from our special coverage on "OIL" Oil falls as OPEC squabbles over output targets, crude stocks swell Dont reimpose customs duty on crude: Oil firms Oil prices stabilise on lower US rig count, but global glut still weighs Oil story: theres a new world order to talk about at the Davos of energy Saudi, Iraq sell more oil to India, elbow out Latin America crudes

The fate of the first global oil deal in 15 years could be decided on Wednesday when OPEC members travel to  Iran   to persuade the country to participate in a deal to freeze output levels, possibly by offering Tehran special terms. Dominant OPEC power Saudi Arabia and non-OPEC Russia, the world's top two producers and exporters, agreed on Tuesday to freeze production levels but said the deal was contingent on others joining in - a major sticking point with Iran absent from the talks and determined to raise production. Read Full Article Over Here :  Business Standard News

The Saudi, Russian, Qatari and Venezuelan  oil ministers  visited Doha for a previously undisclosed meeting - their highest-level discussion in months on joint action to help prices recover from their lowest in more than a decade. Ali al-Naimi, the Saudi Arabian oil minister, said that freezing production at January levels was an adequate measure and new steps to stabilise the market could be considered in the next few months. Read Full Article Over Here :  Business Standard News