Eyeing US crude, India plans to buy less oil from Middle East

Indian state-run refiners including Indian Oil Corp, the country’s biggest crude processor, are planning to cut purchases from Saudi Arabia in May and buy more from the US and on the spot market, officials said.

Indian refiners plan to buy less oil from the Middle East in the coming months as OPEC+’s supply restrictions makes U.S. crude more attractive. Strong gasoline demand due to people favoring private vehicles amid the Covid-19 pandemic and a slower recovery in diesel is also giving low-sulfur American grades an edge over heavier and more sour Middle Eastern varieties, officials at three state-run refineries in the world’s third-biggest oil importer said. Indian state-run refiners including Indian Oil Corp., the country’s biggest crude processor, are planning to cut purchases from Saudi Arabia in May, and buy more from the U.S. and on the spot market, according to the officials who asked not to be named as the information isn’t public.