India seems to be reducing its oil imports from Saudi Arabia due to its high prices. In February, imports from the West Asian kingdom have decreased by 42 per cent from January. Saudi Arabia has consistently been one of India's top two suppliers, but now the nation has slipped to the fourth position for the first time since at least January 2006.
The United States overtook Saudi Arabia as India's second-biggest oil supplier after Iraq in February. India is also reducing oil imports from other West Asian nations as well. However, India did buy more oil from Nigeria, which is now the third on the list. India purchased 472,300 bpd from the African nation, the most since October 2019. Why is this happening? Here's all you need to know.
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