"For us in Asia to convert underlying stability in production into stability in oil market, it is essential that we develop a sophisticated Asian market for petroleum and petroleum products," Petroleum Minister Mani Shankar Aiyar said at the roundtable of Asian ministers on regional cooperation in oil economies in New Delhi.
Aiyar said greater stability in Asian trade can be there when "long term contracts become longer, price discovery through the market is more transparent and spot purchases occupy a progressively larger share of market transactions."