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Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal in a sign of escalating tensions with Riyadh. 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. The tensions stem from the Saudi and other oil producers’ cuts driving crude prices up, as India is recovering from the pandemic.

Indian refiners deepen cuts to Saudi oil purchases in May

Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal in a sign of escalating tensions with Riyadh. 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. The tensions stem from the Saudi and other oil producers’ cuts driving crude prices up, as India is recovering from the pandemic.

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