US pips Saudi Arabia as second largest exporter of crude oil to India
NEW DELHI: US crude oil exports to India jumped to 2.11 million metric tonnes in February, helping it dislodge Saudi Arabia as the second largest supplier to India, the world’s third largest oil importer.
This comes in the backdrop of India increasing its oil imports from the US, with the Indian government working on diversifying the country’s energy basket with crude oil supplies from non-Organization of the Petroleum Exporting Countries (Opec) sources.
“India’s dramatic surge in US crude inflows has helped the exporter to displace Saudi Arabia for the first time, as refiners queued up for lighter feedstock anticipating robust demand for gasoline and other products, while staying away from Middle Eastern supplies following OPEC-led output cuts,” S&P Global Platts said in a statement on Friday.
