India’s firm stand against the OPEC+ producers, led by Saudi Arabia, decision to continue unilateral oil production cuts into April has borne some results with the world’s largest exporter ensuring full monthly supplies of crude to the country even as it reduced supplies to other Asian countries.
An IANS report quoted sources saying that Saudi Arabia has cut supply of April loading crude by almost 15 per cent for several of its consumers, including Japan, Korea and even China, with marginal cuts.
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Whereas, India being the third biggest oil consumer in the world, continues to receive same amount of oil from the Gulf nation with an average maintained so far. It has, however, not agreed to increase the oil supplies to India as balancing between production and supply gas to be maintained.
Saudi company Aramco is the prime supplier of oil in the Asian markets. While it had reduced supplies till February, supplies sources said have been maintained in March but next month there could be some cuts again.
India has been hit hard by soaring oil prices and urged producers to ease the output cut to back the global economy to recover.
It has maintained a very strong stand against the production cuts by the oil cartel as considers this being the prime reason for hardening of global crude prices much to the detriment of a large consuming country like itself. While its request for easing production has not acceded, India is getting its share of oil.
