The United States overtook Saudi Arabia as India’s second-biggest oil supplier last month, as refiners boosted cheaper US crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.
The switch in supplies, triggered by lower US crude demand, coincided with Saudi Arabia’s voluntary extra 1 million bpd output cut on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.
India’s imports from the United States — the world’s top producer — rose 48% to a record 545,300 barrels per day (bpd) in February from the prior month, accounting for 14% of India’s overall imports last month, the data obtained by Reuters showed.
