Some Indian refiners set to cut Saudi oil imports in May, snap up Russian barrels
At least two Indian refiners plan to buy less Saudi oil than usual in May after the kingdom raised the official selling price (OSP) to record highs for Asia, two sources said on Wednesday, as India increases purchases of cheap Russian crude.
India, the world’s third-biggest oil importer and consumer, has been hit hard by rising crude values, with pump prices in some states touching record highs.
State oil producer Saudi Aramco, the world’s top oil exporter, has raised crude prices for all regions, with those to Asia hitting all-time highs.
The Middle East accounts for the bulk of India’s oil imports, with Iraq and Saudi Arabia the top two suppliers to Asia’s third-largest economy.
