Interviewtimes 
Indian oil companies will reduce crude oil imports from Saudi Arabia. As many as 75 per cent of the 1.5 crore barrels will be imported from next month. Meanwhile, oil prices in the country are declining as the cutbacks for the second wave of corona are tightened in the country. Indian oil companies are now pushing for oil imports from outside West Asia to diversify crude oil purchases.
The Indian Oil Corporation (IOC) and three other refineries will try to buy more oil in the current market outside the agreement on the purchase of large quantities of oil. It will compare the price of oil in the West Asian country with the price of oil available in other markets. Where necessary, the rest of the demand will be met from other markets by purchasing less oil from the countries affiliated to oil in West Asia. In this effort, India has started importing fresh crude oil from Guinea and Norway.
Saudi Arabia has increased crude oil prices due to declining production amid rising oil prices in the country. India has therefore ignored Saudi Arabia’s plea to increase production and manage the situation. As a result, the rise in crude oil prices in the market has reached record levels of diesel and petrol prices in the country. So while India is now focusing on affordable prices and higher oil imports to end the monopoly on the oil sector, it is going to reduce imports from Saudi Arabia.
