Latest official Indian crude import statistics show volumes from Saudi Arabia falling to just 467,000 b/d for February, the lowest figure since January 2011.
This comes as New Delhi and Riyadh continue a war of words, with India slamming Opec in general and Saudi Arabia in particular for keeping supply tight (and, whether incidentally or on purpose, prices well above $60/B). Latest exchanges saw Indian oil minister Dharmendra Pradhan criticize as “undiplomatic” Saudi suggestions that the country augment imports by drawing down crude stocks it built up last year. India’s crude stocks remain modest by international standards. (CONTINUED - 426 WORDS)