Opinion: ‘India’s wish to diversify crude oil suppliers maybe hard to grant’

LAUNCESTON/AUSTRALIA: India’s obvious displeasure with restrictions on output imposed by Opec and its allies, and its aim to diversify crude oil suppliers, may run into the harsh realities of the global market.
The world’s third-biggest oil importer and consumer has told state-owned refiners to speed up the diversification of crude imports in order to cut dependence on its main source of supply, the Middle East, Reuters reported on Tuesday, citing two sources with knowledge of the plan.
India’s supply is dominated by members of the group known as Opec+, which includes the long-standing producer group and allies such as Russia.
The Opec+ decision to continue its output cuts of around 7 million barrels per day (bpd) into April was met with anger in India, which imports 84% of its crude needs, with more than 60% coming from the Middle East.