US becomes India's second biggest oil supplier, Saudi plunges to No. 4

The United States overtook Saudi Arabia as India's second biggest oil supplier, as refiners boosted cheaper US crude purchases to record levels to offset OPEC+ supply cuts.

The United States overtook Saudi Arabia as India's second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed. The switch in supplies, triggered by lower U.S. crude demand, coincided with Saudi Arabia's voluntary extra 1 million barrel per day (bpd) output cut, on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production. India's imports from the United States - the world's top producer - rose 48% to a record 545,300 bpd in February from the prior month, accounting for 14 per cent of India's overall imports last month, the data obtained by Reuters showed.