India is purchasing crude oil from South America for the first time. India is the third largest country in the world which imports such a large amount of crude oil. Explain that for the first time India has bought crude oil from the South American country of Guyana. Its first batch will come to India on 8 April. It has been learned that this consignment will come to Mundra Port in Gujarat. This decision of India may give a big blow to OPEC countries. Prior to this, India has been importing large quantities of its oil supplies from the countries of Middle East.
India has asked oil refining companies to reduce oil imports from Middle East countries and increase their purchases from other crude producers. OPEC Plus has decided that by April this month it will cut crude oil production.
India is trying to reduce its dependence on the organization of oil exporters. In the past, many countries, including Saudi Arabia, refused to increase the oil product. Explain that India imports 84 percent of its total crude oil, of which 60 percent came from the Middle East.
Since Guyana began exporting crude in early 2020, according to tiller-tracking data. Therefore, its oil has mainly flowed into the United States, China, Panama and the Caribbean.
Apart from Russia, North American producers, Canada, United States and Mexico have gained market share by selling heavy crude grade to India.
Let us know that India is trying to reduce the dependence of crude oil from many countries of the Middle East including Saudi Arabia. From April 2020 to January 2021, OPEC itself has witnessed a major decline in India’s oil imports.