India to buy oil from cheapest supplier on favourable terms, says Pradhan
With Saudi Arabia giving cold shoulder to its plea for easing production controls, India on Friday said it will buy oil from any country that will give it at cheaper rates and on favourable business terms.
Refiners in the world’s third-biggest oil importer are snapping up more cargoes from outside the Middle East in an attempt to diversify suppliers.
The US in February overtook Saudi Arabia to become India’s second-biggest supplier but that happened prior to the March 4 decision of the OPEC+ alliance to keep a tight rein on output.
Speaking at Times Network India Economic Conclave, Oil Minister Dharmendra Pradhan said India will keep its interests in mind while deciding on imports.
