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US overtakes Saudi Arabia to become India’s second biggest oil supplier

Date: 19 March 2021 Tags: Miscellaneous
  • The United States overtook Saudi Arabia as India's second biggest oil supplier as refiners boosted cheaper US crude purchases to record levels to offset OPEC+ supply cuts.
  • India's imports from the United States rose 48 per cent in February from the prior month, accounting for 14 per cent of India's overall imports.
  • In contrast, February imports from Saudi Arabia fell by 42 per cent from the previous month. Saudi Arabia slipped to No. 4 for the first time since at least January 2006.
  • Iraq continued to be the top oil seller to India despite a 23 per cent decline in purchases to a five-month low. Iraq has reduced annual supplies of oil to several Indian refiners to meet its obligations under the group's production deal.