US becomes India’s second biggest oil supplier, Saudi plunges to No. 4
Reuters/New Delhi Filed on March 15, 2021
A general view shows the Saudi Aramco oil facility in Dammam city, 450 kms east of the Saudi capital Riyadh. AFP file
(HASSAN AMMAR)
Iraq still top seller despite monthly decline of 23%; Nigeria became 3rd biggest oil supplier to India vs 5th in January; UAE slipped to 5th position from 3rd in January; Middle East’s share of India’s oil imports hit 22-mth low
The United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper US crude purchases to record levels to offset Opec+ supply cuts, data from trade sources showed.
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Oil prices rose on Monday, with Brent heading toward $70 a barrel, as data showed China's economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world’s largest oil importer. Brent crude futures for May gained 47 cents, or 0.7%, to $69.69 a barrel by 0438 GMT while U.S. West Texas Intermediate crude for April was at $66.10 a barrel, up 49 cents.
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India’s imports from the United States - the world’s top producer - rose 48% to a record 545,300 barrels per day (bpd) in February. (Representative image)
NEW DELHI: 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.