Imports of crude oil from Middle Eastern countries reduced after India's request was denied

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MUMBAI: India's crude oil imports from the Middle East hit a six-month low in May. The government's instruction to rely on other markets for crude oil supply in the country has resulted in a decline in oil imports from Middle Eastern countries.

The Organization of the Petroleum Exporting Countries (OPEC) and Saudi Arabia ignored the government's request to ease restrictions on crude oil supplies to India, and the government instructed refineries to look to other markets for crude oil imports.

Saudi Arabia is a major exporter of crude oil. India is the third largest importer of oil in the world. In May, India's daily crude oil imports stood at 3 lakh barrels per day. The share of Middle Eastern countries in these imports fell to 8.50 per cent, the lowest since April 2016. In April, 2.50 per cent of India's total crude oil imports came from the Middle East.

Saudi Arabia, India's second-largest supplier after Iraq, has seen its imports fall by 5 per cent year-on-year. In addition, supply from the United Arab Emirates has declined by 3%.

The UAE, which was the third largest supplier in April, slipped to seventh place. OPEC's share of India's crude oil imports has reached record lows as a result of India's low imports from Middle Eastern countries.

India's refineries have looked to the United States and the Mediterranean region as an alternative to the Middle East.

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