New Delhi, Aug. 31 -- India's oil imports from countries such as the US and Venezuela are largely determined by prevailing crude prices, with more than 60 per cent of the country's oil imports being a function of prices in a particular month or M+2, ONGC Chairman and CEO Arun Kumar Singh said on Monday.

Responding to a question from ANI on the current status of India's crude oil imports from the US and Venezuela, Singh said imports by Mangalore Refinery and Petrochemicals Ltd (MRPL) are primarily driven by price, except in the case of term crude supplies.

"Imports are decided by the price, except for term crudes. Now term crudes are gradually going down. Spot crudes are mostly decided cargo-to-cargo based on price. So, how much will be ...