India to Cut Saudi Arabian Oil Imports and Buy More From U.S.
- State-run refiners plan to reduce Saudi purchases in May
- Indian processors looking at U.S. crude, spot buys to fill gap
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Indian refiners plan to buy less oil from the Middle East in the coming months as OPEC+’s supply restrictions makes U.S. crude more attractive.
Strong gasoline demand due to people favoring private vehicles amid the Covid-19 pandemic and a slower recovery in diesel is also giving low-sulfur American grades an edge over heavier and more sour Middle Eastern varieties, officials at three state-run refineries in the the world’s third-biggest oil importer said.