U.S. becomes India’s second biggest oil supplier, Saudi plunges to No. 4

NEW DELHI (Reuters) – The United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed .The switch in supplies, triggered by lower U.S. crude demand, coincided with Saudi Arabia’s voluntary extra 1 million barrel per day (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 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 January 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. India’s oil import data by country from before 2006 is not available to Reuters. “U.S. demand was weak and refineries were running at low rates so the U.S.… continue reading

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