India is the world’s third largest oil importer after China and Japan.
India, the world’s third largest oil consumer, is set to give a blow to oil producing countries (OPEC +), including Saudi Arabia.
With the decision of OPEC countries to cut crude oil production, the rate of crude oil has reached $ 70 per barrel. Because of this, Indian oil refineries have decided to import more and more oil from America, whose prices are low.
read this also- Gold Price Today: Now before the wedding season, there is a chance to buy gold in cheap, see 22 carat gold price
India is the world’s third largest oil importerIndia is the world’s third largest oil importer after China and Japan. India imports 80 per cent of its oil requirement. According to a Reuters report, India’s state refineries have decided to reduce oil imports from Saudi Arabia. According to the report, oil imports from Saudi Arabia will be reduced by a quarter by May.
Also read- Chinese investors exited from Koo, know which entrepreneurs including former Indian cricketer purchased app participation
In fact, the Modi government has started to look at the new option if the request is not made. The Indian government now wants to reduce its dependence on Middle East countries for oil. India’s refinery capacity is 5 million barrels per day. Of this, 60 percent control is with the state refinery. These state-run oil companies import about 14.8 million barrels of oil a month from Saudi Arabia. It is planned to reduce it to 10.8 million barrels by May.