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Gulf won't significantly cut down oil exports to India to satisfy Europe

Gulf oil exporters will most likely not cut crude supplies to India significantly next year in a bid to satisfy growing demand from Europe

Photo: Bloomberg
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Amid Russia’s ongoing war in Ukraine, European nations have pledged to cut down their Rusian oil dependency by December. (Photo: Bloomberg)

BS Web Team New Delhi
Gulf oil exporters will most likely not cut crude supplies to India significantly next year in a bid to satisfy growing demand from Europe, executives at Indian state-run refiners told The Economic Times

State-run refiners, which are currently preparing to negotiate an annual crude purchase deal, source nearly 60 per cent of their oil requirement through term deals. The annual buy agreement is renewed every year with the Gulf suppliers, mainly with West Asian national oil companies.

Amid Russia’s ongoing war in Ukraine, European nations have pledged to cut down their Rusian oil dependency by December and are seeking to

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First Published: Aug 24 2022 | 12:22 PM IST

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