Indian refiners will buy less crude oil from Saudi Arabia next month.
New Delhi: Indian refiners will buy less crude oil from Saudi Arabia next month. Demand for this specialty has grown significantly as a result of recent corporate scandals. Indian companies are trying to increase supplies from outside West Asia to diversify their purchases of crude oil. Read more – Saudi Crown Prince approves assassination of Prince Jamal Khashoggi: US report
The public sector company Indian Oil Corporation (IOC) and three other refineries decided in May to buy from Saudi Arabia only 655 percent of the average of 15 million barrels per month. Three people who have knowledge about this have given this information. Read more – Crude oil prices: Saudi Arabia promises to reduce crude oil production, crude oil reaches 11-month high
India has called on Saudi Arabia to increase crude oil production to control prices. Saudi Arabia has ignored India’s request. Subsequently, last month, the Indian government asked public sector entities to focus on supplies outside of West Asia. Read more – Army Chief General Narwan leaves for UAE, find out why this visit is important
Sources said that the IOC and other refineries are trying to buy more crude from the spot or current market in place of fixed amount agreements between Saudi Arabia or OPEC countries.
As part of their efforts, companies have purchased new crude oil from Guyana to Norway. Apart from this, Indian companies are keeping an eye on the US to increase purchases. Sources said the IOC has created spot tenders to buy crude oil from West Africa, the United States and Canada.
From April to February 2020, India’s crude oil imports from OPEC countries fell by 744.4 per cent. It was .69 a year ago. Percent.
By importing, India meets 85 per cent of its crude oil requirements. Petrol and diesel prices reached record levels in February, adding to the burden on the economy affected by the epidemic.
Petroleum Minister Dharmendra Pradhan is appealing to OPEC and OPEC countries to increase crude oil production to reduce prices. But instead of Saudi Arabia, India suggested using the oil it bought when prices were too low a year ago.