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Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, Reuters has reported, citing its sources. This comes after calls from India to increase crude production were ignored by OPEC.
The sources said, on condition of anonymity, that Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, as well as Mangalore Refinery and Petrochemicals, are preparing to lift about 10.8 million barrels in May.
According to people familiar with the discussions, the move is part of the Indian government’s drive to cut dependence on crude from the Middle East. They said that state refiners, which control about 60% of India’s five million barrels per day (bpd) refining capacity, together import an average 14.7-14.8 million barrels of Saudi oil per month.
The refiners could not cut April oil imports from Saudi Arabia as nominations were placed before the OPEC+ decision in early March to extend most cuts, the sources added. They also said that plans for May were preliminary and final May nominations would be known in early April.
India is the world’s third-biggest oil importer and consumer, importing more than 80% of its oil needs and relying heavily on the Middle East.
The country’s oil minister Dharmendra Pradhan has repeatedly called on OPEC+ to ease supply curbs as India’s economy was being hit hard by growing oil prices. The minister has blamed Saudi’s voluntary cuts for contributing to a spike in global oil prices. However, the Saudi energy minister suggested India dip into strategic reserves filled with cheaper oil bought last year.
Pradhan responded by asking refiners to speed up their diversification of crude sources and reduce reliance on the Middle East.
Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, Reuters has reported, citing its sources. This comes after calls from India to increase crude production were ignored by OPEC. Read Full Article at RT.com Read More
Imran Khan claims that the Pakistani authorities still want him dead before he can win re-election. Imran Khan says the threat to his life is “real,” and that Pakistan’s current PM is “petrified” that he will return to power. Death threats will remain a constant part of former Pakistani Prime Minister Imran Khan’s life until […]
How Now Brüning Cow? “How now brown cow” is a phrase used in elocution teaching to demonstrate the rounded vowel sound /aʊ/ since at least 1926, but today seen as an archaic greeting or an interrogative expression, one which I like using because Bugs Bunny did too – and he sounds like Janet Yellen. I’d […]
Israeli ground operations in the Gaza Strip have begun. The Financial Times says Israel will not reveal much about these military operations in order to avoid Hezbollah and Iran entering the war. The Americans are now orchestrating Israel’s military campaign against the Gaza Strip. Washington believes this will maximize the potential of achieving both US and Israeli […]
