India to cut Saudi Arabian oil imports after OPEC ignores India demand
India’s state refiners are considering purchasing fewer barrels from Saudi Arabia in May after the OPEC ignored New Delhi’s call for higher supplies to calm international crude oil prices.
They have yet to take a final call as the move risks a Saudi retaliation and souring of decades-old ties between the two countries.
The extended output cut by Saudi and its allies, which has pushed up prices by a third this year to above $68 a barrel on Wednesday, has driven Indian fuel prices to record highs.
