Having effortlessly transitioned into acting, Fouzia's debut film swiftly captured global acclaim, earning accolades at the prestigious Cannes Film Festival
India, the world’s third-biggest oil importer, has significantly reduced its imports from the Middle East as part of a drive to diversify crude sources.
The share of Middle Eastern crude in India’s oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners tapped alternatives in response to the government’s call to diversify supplies.
The Middle East’s share dropped to 52.7 per cent, the lowest since April 2019 and down from 67.9 per cent in April, the data showed
Lower purchases of oil from the Middle East dragged Opec’s share of Indian oil imports to a record low.
Imports from Saudi Arabia, India’s second-largest supplier after Iraq, dropped by about a quarter from a year earlier, while supplies from the UAE, which dropped to No.7 position from No.3 in April, fell by 39 per cent, the data showed. Indian refiners hiked imports from Latin America, the US and the Mediterranean to replace Middle Eastern oil.
“Indian refiners bought higher volumes of gasoline-rich US oil in March, expecting a recovery in local gasoline demand to continue in the months ahead,” said Ehsan Ul Haq, lead analyst for oil research and forecasts at Refinitiv.
According to analysts, India had directed refiners to diversify crude sources after the Opec and its allies ignored New Delhi’s call to ease supply curbs.
Asia’s third-largest economy imported about 4.2 million barrels per day of oil in May, just below the previous month but about 31.5 per cent higher than a year earlier, the data showed.
US and Canadian oil accounted for about seven per cent and 1.3 per cent, respectively, of India’s imports compared to 4.5 per cent and 0.60 per cent a year earlier. The US emerged as the fifth biggest supplier to India, up two places from 2019-20.
Iraq remained India’s top oil supplier in the Middle East followed by Saudi Arabia and the UAE. Nigeria replaced Venezuela as the nation’s fourth-biggest supplier.
— issacjohn@khaleejtimes.com
Having effortlessly transitioned into acting, Fouzia's debut film swiftly captured global acclaim, earning accolades at the prestigious Cannes Film Festival
Parag, who reached his 50 off 34 balls, cracked 25 runs with three fours and two sixes off the final over bowled by star South Africa paceman Anrich Nortje
Fans were left scratching their heads when Mumbai opted to take Bumrah out of the attack after he bowled the fourth over
With the help of modern equipment, manicured golf courses and elite athletes the scores are getting lower and the game becoming even more captivating
With 10 matches remaining Arsenal lead a three-way title race having won eight successive games
Three separate Israeli strikes on Wednesday, including on a health centre in the border village of Habariyeh, killed 11 civilians
Netanyahu tries to soothe a rift with Biden as he plans to send a government delegation to Washington after earlier cancelling the trip
Among the 24 horses Japan has sent to Dubai is impressive Riyadh Dirt Sprint winner Remake who eyes a Middle East double