India to cut Saudi Oil Trade amid Stand – Off

Indian state refineries are planning to cut oil imports from Saudi Arabia by about a quarter in the month of May.
This is done because of the escalating stand off with Riyadh following Opec’s decisions of ignoring calls form New Delhi to help it with higher supplies .
The move was part of the government’s decision to cut upon the dependence of oil from West Asia. India is the world’s third biggest oil importer and consumer , it imports more than 80% of its oil from West Asia. With the rising oil prices the oil minister Dharmendra Pradhan has repeatedly called the organisation of Petroleum Exporting countries and its allies.
He also blamed Saudi’s voluntary cuts for the spike in the global oil prices.

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