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BW Businessworld India Asks State Refiners To Review Oil Import Contracts With Saudi India imports 85 per cent of its oil needs and is often vulnerable to global supply and price shocks. When oil prices started to rise in February, it wanted Saudi Arabia to relax output controls but the Kindgom ignored its calls. Photo Credit : Amid tensions with Saudi Arabia over oil production cuts, India has asked its state refiners to review contracts they enter into for buying crude oil from the Middle East nation and negotiate more favourable terms, a top official said. Keen to break producers cartel dictating pricing and contractual terms, the government has told Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to look for oil supplies from outside the Middle East region and use collective bargaining power to get favourable terms.

India generalSaudi arabiaUnited statesBharat petroleum corporation ltdIndian oil corporationNayara energyReliance industriesHindustan petroleum corporation ltdMiddle eastLatin americaCrude oilIndia importsCovid 19இந்தியா ஜநரல்சவுதி அரேபியாஒன்றுபட்டது மாநிலங்களில்