updated: Apr 06 2021, 14:10 ist
Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week.
Energy relations between India, the world s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.
State-run refiners have placed orders to buy 9.5 million barrels of Saudi oil in May, compared with the previously planned 10.8 million barrels, three sources said.
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NEW DELHI (Reuters) - Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week.
FILE PHOTO: A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/File Photo
Energy relations between India, the world’s third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.
The refiners - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd - normally buy 14.8 million barrels of Saudi oil a month.
Indian refiners deepen cuts to Saudi oil purchases, to buy 36% less in May business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Indian refiners deepen cuts to Saudi oil purchases in May msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.