India to cut Saudi oil imports amid escalating standoff over output & diversification drive ...News

Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, Reuters has reported, citing its sources. This comes after calls from India to increase crude production were ignored by OPEC. The sources said, on condition of anonymity, that Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, as well as Mangalore Refinery and Petrochemicals, are preparing to lift about 10.8 million barrels in May. According to people familiar with the discussions, the move is part of the Indian government's drive to cut dependence on crude from the Middle East. They said that state re

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