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India to scale up crude import from US, Africa to counter Saudi Arabia
Instead of the average monthly import order of 14.8 million barrels, the Indian state-run oil refiners have placed orders for just 9.5 million barrels of Saudi oil in May
Nevin John | April 7, 2021 | Updated 22:29 IST
India, the third largest crude oil importer and consumer, plans to scale up its import from the US and Africa following Saudi Arabia s decision to raise official selling price (OSP) of oil shipments to Asia in May. The action by Saudi, the world s largest crude exporter, was largely conceived as a retaliation to India s plan to cut crude imports from there.
India to buy one-third less oil from Saudi Arabia
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Last Updated: Apr 06, 2021, 04:46 PM IST
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Sources said IOC and other state refiners are looking to buy more oil from the spot or current market rather than rely on term or fixed quantity contracts with Saudi and other oil cartel OPEC nations.
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State-owned Indian Oil Corporation (IOC) and three other refiners have sought just 65 per cent of the monthly average of about 15 million barrels from Saudi Arabia in May, three sources with knowledge of the matter said.
Indian refiners will buy less oil from Saudi Arabia next month as they snap up supplies outside of the Middle East as part of diversification drive amid weakening domestic fuel demand on the resurgence of COVID-19. State-owned Indian Oil Corporation (