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U S becomes India s second biggest oil supplier, Saudi plunges to No 4 | Hellenic Shipping News Worldwide

Stimulus seen as global tonic

Oil slips, retreats from gains notched on strong Chinese data | Hellenic Shipping News Worldwide

Oil prices edged lower on Monday, pulling back from early gains fostered on strong Chinese economic news and ongoing supply restraint from major oil producers. Crude benchmarks have steadily climbed throughout 2021 as major oil producers restrained supply and coronavirus vaccine distribution quickened, feeding hopes of stronger economies and fuel demand. Brent crude futures for .

US overtakes Saudi Arabia to become India s second biggest oil supplier

US overtakes Saudi Arabia to become India s second biggest oil supplier India s imports from the United States - the world s top producer - rose 48 per cent to a record 545,300 barrels per day (bpd) in February from the prior month Reuters | March 16, 2021 | Updated 08:28 IST The United States overtook Saudi Arabia as India s second biggest oil supplier last month, as refiners boosted cheaper US crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed. The switch in supplies, triggered by lower US crude demand, coincided with Saudi Arabia s voluntary extra 1 million bpd output cut on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.

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