In a bid to reduce dependence on Saudi oil, the government has cut imports from the Arab country by a 36% as per Reuters.
Saudi Arabia backed Aramco has raised prices while holding back supply to Asian countries including India. In February US replaced Saudi Arabia as second on India’s list of oil importers accounting for 14% of the total import. Oil from Iraq remains in pole position on the import bill.
The oil ministry had already urged domestic refiners to speed up diversification of crude imports to reduce dependence on the Saudi Kingdom.