India seeks 5 million tons more crude from Saudi Arabia

  • India on Feb 23 sought 5 million tons of more crude oil from Saudi Arabia next fiscal as its refiners look at replacing at least 10 per cent crude oil imported from Iran.
  • Minister of state for petroleum and Natural Gas R P N Singh said he sought 5 million tons of more crude oil from Saudi Arabia in 2012-13.
  • India currently buys 27 million tons of crude oil per annum from Saudi Arabia while its annual imports from Iran is about 17 million tons. 
  • The Saudi Minister said his country has a spare production capacity of 2.5 million barrels per day beyond current output of 9.8 million barrels a day. 
  • India also sought more LPG from Saudi Arabia to meet growing energy needs.
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