Middle East's share of India's oil imports hits 25-month low

  • 24-Jun-2021
  • Middle East's share of India's oil imports hits 25-month low

The share of Middle Eastern crude in India's oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners tapped alternatives in response to the government's call to diversify supplies.

India, the world's third biggest oil NSE 1.87 % importer, in March directed refiners to diversify crude sources after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by top exporter Saudi Arabia, ignored New Delhi's call to ease supply curbs.

Asia's third-largest economy imported about 4.2 million barrels per day (bpd) of oil in May, just below the previous month but about 31.5% higher than a year earlier, the data showed.

Source: economictimes.indiatimes.com

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