India shifts oil imports from Middle East to Africa, North America due to OPEC cuts

India’s refiners are turning to spot oil from Africa and North America as long-term suppliers in the Middle East cut output and as demand for gasoline jumps amid the Covid-19 pandemic.

Spot crude imports into the world’s third-largest oil market will rise by 10 per cent to 15 per cent this year from 2020, according to industry consultant FGE. The increased purchases are coming as India’s top suppliers, including Saudi Arabia and Iraq, curtail output as part of the OPEC+ pact.