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India is moving away from Saudi Arabia in importing oil and is getting closer to Iraq
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India's imports of Saudi oil have decreased significantly, while Iraq has the lion’s share of India’s oil imports, despite the recent reduction in its oil imports in general as a result of the repercussions of the Corona epidemic, as it decreased in February by 18.3% on an annual basis to 15.24 million tons (106 million and 860). Thousand barrels), the largest annual decline since October 2020.
India also decided to diversify its sources of oil after it accused OPEC of raising oil prices as a result of the cuts it had made recently, so that the Saudi Energy Minister would respond to it by using the stored oil it had, which it bought at low prices during the low prices early last year 2020.
As a result; The Indian Ministry of Oil has urged local refiners to diversify their crude resources and reduce dependence on the Middle East, which has reduced dependence on the Middle East from 64% of imports in 2016 to 60% in 2019.
As a result, India's oil imports from Saudi Arabia decreased by 42% during the month of February to 445,200 thousand barrels per day, while the share of the United States increased to 545,300 thousand barrels per day, making it the second largest oil exporter to the country after Iraq, which was able to ship 867,500 thousand barrels per day.
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