Reuters exclusively reports India further cuts Saudi oil imports

Reuters reported exclusively that Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week. State-run refiners have placed orders to buy 9.5 million barrels of Saudi oil in May, compared with the previously planned 10.8 million barrels, three sources told Reuters. The refiners – Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd – normally buy 14.8 million barrels of Saudi oil in a month. In another exclusive, Reuters analyzed how India is using oil purchases as a strategic weapon – both part of a series of stories that have dominated coverage of India’s reaction to OPEC+ deciding to extend production cuts.