India to rely less on Saudi oil imports

Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following Opec’s decision to ignore calls from New Delhi to help the global economy with higher supply.

Two sources familiar with the discussions said the move was part of the government’s drive to cut dependence on crude from West Asia.

Indian Oil, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Mangalore Refinery and Petrochemicals are preparing to lift about 10.8 million barrels in May, the sources said on condition of anonymity.