Amid tensions with Saudi Arabia over oil production cuts, India has asked its state refiners to review contracts they enter into for buying crude oil from the Middle East nation and negotiate more favourable terms, a top official said. Keen to break producers cartel dictating pricing and contractual terms, the government has told Indian Oil Corporation NSE 1.42 % (IOC), Bharat Petroleum Corporation Ltd NSE 2.21 % (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to look for oil supplies from outside the Middle East region and use collective bargaining power to get favourable terms.
