The United States overtook Saudi Arabia as India's second biggest oil supplier after Iraq last month, as refiners boosted cheaper US crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.
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The switch in supplies, triggered by lower US crude demand, coincided with Saudi Arabia's voluntary extra 1 million barrel per day (bpd) output cut, on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.
India's imports from the United States – the world's top producer – rose 48% to a record 545,300 bpd in February from the prior month, accounting for 14% of India's overall imports last month, the data obtained by Reuters showed.
In contrast, February imports from Saudi Arabia fell by 42% from January to a decade low of 445,200 bpd, the data showed. Saudi Arabia, which has consistently been one of India's top two suppliers, slipped to No. 4 for the first time since at least January 2006.
