US becomes India's second largest crude oil supplier; Saudis have fallen to 4th position


indian oil

Dharmendra Pradhan, the Petroleum and Natural Gas Minister of India, says that he is in talks with major oil-producing nations in order to bring down the crude oil price that has hit hard both the consumers and industrialists.

Mr Pradhan said this in the wake of criticism in certain sectors in India about levying taxes on fuel; although India is not the only country to do so, its taxes on fuel stand at a staggering 69%; it has inevitable led to a considerable hike in price.

Opposition parties in India, meanwhile, want government to cut down the excise duty on fuel; the government, however, shows no sign of heeding the call.

The minister defended the move, citing India’s need of resources in reviving the economy, especially after the pandemic caused by the Coronavirus.

In another development, Saudi Arabia lost its position as the second biggest supplier of crude oil to India with a loss of 42% of supply in February; it’s the fourth biggest supplier at present, with Iraq being the top crude oil supplier.

The United States, the world’s largest exporter of the crude oil, meanwhile, has become India’s second biggest supplier with a 48% increase in February.

With the new administration at the White House, the US-Saudi relations have become rather frosty. The import of crude oil figures do not make pleasant reading for Saudi Arabia and in this context, it may not be ignore Indian concerns about the level of price at present, completely out of hand, as it did after the March 4.





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