India increases its oil imports after Saudi price cuts

China Petroleum and Chemical News.

Earlier this month, Saudi Arabia lowered its official selling price to Asian customers by US$0.

A few days after OPEC+ agreed to start increasing daily oil production, OPEC’s largest oil-producing country announced an increase in oil prices to Asian buyers, thereby reducing India’s repeated protests against its so-called artificially high production limits for maintaining high oil prices.

In response, India asked its state-owned refiners to reduce their orders for Saudi crude oil in May and look for alternatives to continue its efforts to reduce its excessive dependence on Middle Eastern oil.

An Indian government source told Reuters in early March: “We have asked companies to actively seek diversification.

Now, Saudi Arabia has reduced the price of its flagship Arabian light crude oil to a level that is $1.

A Reuters source told the news agency: "This time, Saudi Aramco did not instruct to reduce imports in June, and unlike last time, they also lowered prices.

Qiu Yin compiled from the oil price network

The original text is as follows:

India Ramps Up Oil Imports From Saudi Arabia After Price Cut

India's state-owned refiners are ordering their regular volumes of Saudi crude oil for June after the Kingdom reduced its prices for the world's third-largest importer, Reuters has reported, citing unnamed sources familiar with the situation.

Saudi Arabia cut its official selling price for Asian clients earlier this month by between $0.

OPEC's largest producer announced oil price hikes for Asian buyers days after OPEC+ agreed to start adding barrels to their daily output, reducing a production curb that has had India repeatedly protesting against what it calls an artificial way of keeping oil prices high.

In response, India ordered its state-owned refiners to reduce their orders for Saudi crude in May and look for alternatives in continuation of efforts to reduce its overwhelming dependence on Middle Eastern oil.

"We have asked companies to aggressively look for diversification.

Now, Saudi Arabia has cut the price of its flagship Arab Light grade to $1.

"This time there is no direction from the ministry to cut imports in June and unlike last time they (Aramco) have reduced the prices as well," one of Reuters' sources told the news agency.