The Indian government has decided to lift about 15 million tonnes of crude oil (equivalent to about 300,000 barrels a day) from the Gulf on an annual term contract basis for the year to March 1995, about the same quantity as last year.
The figure will include 5 million-6 million tonnes from Saudi Arabia, 4.5 million tonnes from Kuwait, 3 million tonnes from Iran and 2 million tonnes from the UAE.
The decision on Gulf supplies was taken in the context of an overall cut of about 20 per cent in total crude imports from 30.8 million tonnes last year. The main reason for the cut has been increased domestic production.
You might also like...
TotalEnergies to acquire remaining 50% SapuraOMV stake
26 April 2024
Hyundai E&C breaks ground on Jafurah gas project
26 April 2024
Abu Dhabi signs air taxi deals
26 April 2024
Spanish developer to invest in Saudi housing
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.