Bangalore: India, which is championing for a benchmark for oil prices in Asia, has received positive signs from several countries for a crucial meeting in January aimed at "stability, security and sustainability" in the Asian oil market, Union Petroleum and Natural Gas Minister Mani Shankar Aiyar said today (Oct 17, 2004).

"Two thirds of the West Asian oil produce is bought by Asian countries, primarily Japan, Korea, India and China. Yet, we do not have a oil products market," he told reporters after inaugurating the LPG Bottling plant of Bharat Petroleum Corporation Ltd (BPCL), about 50 kms from Bangalore.

Aiyar said while there was Brent in Europe and Western Texas Intermediary (WTI) in the US, where suppliers were offering a discount on the oil prices, the Asian nations, which lacked similar benchmarks, were buying oil from various markets.

He said the OPEC (Organisation of Petroleum Exporting Countries) nations were also not happy with the "dizzy rise" of oil prices, which is triggered by speculators in the New York market.

For the proposed meeting of buyers and sellers of oil products in the Asian region, Aiyar said, there has been positive response from Saudi Arabia, Oman, Qatar, Kuwait, while positive indications were given by Malaysia, United Arab Emirates, Korea and Iran, while awaiting response from China, which is holding a high level meeting.

He said energy security has been stipulated in the Common Minimum Programme of the UPA (United Progressive Alliance) Government, and India is already a net exporter of petroleum products.