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.