It was a move that had been in the works for years, fueled by repeated comments from Indian Oil Minister Dharmendra Pradhan, who in 2015 called oil purchases a “weapon” for his country. The Saudi state oil company Saudi Aramco and the Saudi energy ministry declined to comment. As India shifts gears again after Pradhan’s call for faster diversification, refineries are looking for new suppliers, the oil ministry official said. The country is looking at signing long-term oil supply deal with Guyana and exploring options to raise imports from Russia, the oil ministry source said. India’s oil ministry is working with refiners on a framework to jointly negotiate terms with suppliers.

Source: Egypt Independent April 02, 2021 07:41 UTC