India to replace oil imports from Saudi Arabia and Middle East with purchase from Russia, Venezuela, and Guyana
Sudhir Chadda, New York City
Mar. 21, 2021

As a sharp strategic move, India plans to cut oil imports from Saudi Arabia and Middle East increasing cheaper crude purchase from Russia, Venezuela (US sanction reliefs permitting), and newest oil producer, Guyana.

Augmented demand for oil in the world’s third-largest oil importer India and its plans to rely less on crude oil from the Middle East including Saudi Arabia, will boost demand for oil tankers traveling on longer routes to the world’s third-largest oil importer. The recent oil price rally and the OPEC+ decision to keep markets tight through April has angered India as its import costs increased dramatically and domestic fuel prices hit record highs.

According crude oil shipping brokers, India’s short term and long term aggressive plans to quickly diversify crude oil purchases away from the Saudi Arabia, Iraq in the Middle East would increase the demand for the global oil tanker market.


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