Why is India Trying to Cut Crude Oil Imports from the Middle East?
India’s state-owned oil marketing companies are on a mission.
The Government has asked them to find ways to diversify their source of crude imports as a way to cut their reliance on the Middle East (in particular, Saudi Arabia)
As a result, local processors have amped up imports from the US. Shipments from Guyana and Brazil have also been booked for the first time. And oil minister Dharmendra Pradhan has asked companies to look at Africa as an alternative to the Middle East.
This crusade for diversification has always been on the Government’s agenda, but it received a boost due to New Delhi's irritation over Saudi's "hard stance" on production cuts.
Click link to read more on what diversification of oil import sources means and why it's important for the Indian economy:
https://transfin.in/why-is-india-trying-to-cut-crude-oil-imports-from-the-middle-east
