India wants to cut the dependence on Middle Eastern crudes after OPEC+ decided this month to extend production cuts through April, two sources said.
The first cargo from new oil producer Guyana to the world’s third-largest crude importer, India, departed this month fromthe South American nation’s coast in a vessel chartered by trading firm Trafigura.
India has asked refiners to speed up the diversification of imports to cut their dependence on Middle Eastern crudes.
Since Guyana started trading unrefined in mid 2020, its oil has streamed for the most part to the United States, China, Panama and the Caribbean.
