India seeks to use its oil thirst to drive bargains

New Delhi

INDIA is trying to use its position as one of the world's biggest energy consumers to strike better bargains for its companies with oil exporting nations, in a marked change of approach under Prime Minister Narendra Modi.

The oil ministry is moving beyond seeking additional barrels for import and is in talks with exporters. Now, the energy-deficient country wants to use its thirst for oil as a weapon to broker deals to help strengthen its economy and create jobs, Oil Minister Dharmendra Pradhan told Reuters in an interview. "We are a market. The quantum that we buy is our weapon," 45-year-old Mr Pradhan said.