Indian state refiners are preparing to cut oil imports from Saudi Arabia by about a quarter in May compared to average monthly purchases, two sources privy to the matter said, after the government asked them to cut dependence on Middle Eastern supplies.
Indian Oil Corp, Bharat Petroleum Corp., Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd are preparing to lift about 10.8 million barrels in May, the sources said on condition of anonymity.
State refiners, which control about 60% of India's 5 million barrels per day (bpd) refining capacity, together import an average 14.7-14.8 million barrels of Saudi oil in a month, the sources said.