US becomes India’s second biggest oil supplier, Saudi plunges to No. 4: Sources

By: |
March 15, 2021 6:14 PM

India's imports from 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.

At the present price levels, additional revenue of about 70% is expected from the project, with improved or higher value addition, the company said in a statement.At the present price levels, additional revenue of about 70% is expected from the project, with improved or higher value addition, the company said in a statement.

The United States overtook Saudi Arabia as India’s second biggest oil supplier last month, as refiners boosted cheaper U.S. crude purchases to record levels and to offset supply cuts from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), data from trade sources showed.

India’s imports from 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.

In contrast, February imports from Saudi Arabia fell by 42% from the previous month to a decade-low of 445,200 bpd, the data showed. Saudi Arabia, which has consistently been one of India’s top two suppliers, slipped to No. 4 for the first time since at least January 2006.

Country-wise oil import data for before 2006 is not available with Reuters.

Iraq continued to be the top oil seller to India despite a 23% decline in purchases to a five-month low of 867,500 bpd, the data showed.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Petrol and diesel price today 20 April 2021: Fuel cost unchanged; check rates in Mumbai, Delhi here
2Lasalgaon traders refuse to participate in onion auctions; auctions shut till April 25
3Gold, Silver prices move up as dollar declines; rates expected to trade sideways this week