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.
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