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India asks its oil refiners to diversify supplies

Date: 11 March 2021 Tags: Miscellaneous
  • India has asked state refiners to speed up the diversification of oil imports to gradually cut their dependence on the Middle East.
  • India is the world’s third biggest oil importer and consumer and imports about 84% of its overall crude needs with over 60% of that coming from Middle Eastern countries, which are typically cheaper than those from the West.
  • Most of the OPEC+ producers, led by world’s top exporter Saudi Arabia, last week decided to extend most output curbs into April.
  • India has been hit hard by the soaring oil prices and has urged producers to ease output cuts and help the global economic recovery.
  • One plan is to import oil from new producer Guyana. Indian Oil Corporation (IOC) has also renewed its oil import contract with Russia. India hopes to resume Iranian oil imports.
  • Iraq and Saudi Arabia are the two biggest oil suppliers to India. This year, Iraq has cut annual supply volumes while Kuwait has shortened the duration of contracts with Indian buyers to nine months.