Indian refiners deepen cuts to Saudi oil purchases in May – sources
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.
Morning News Call - India, April 6 Reuters 2 hrs ago
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India to buy 36% less oil from Saudi Arabia in May
Reuters
NEW DELHI |
Updated on
April 06, 2021
Refiners upset with Saudi s decision to raise Asia prices Public Sector 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 thirdbiggest 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.
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India has become a vocal critic of the kingdom’s hawkish stance on oil prices and OPEC+ output policy in recent months, with mounting tensions prompting the country to seek alternative sources of crude.