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India said it will speed up its diversification of oil imports to protect against any surprise output cuts by OPEC.
- The OPEC cuts "will hurt large importers like India, who spent around $120bn last year on the import of petroleum products," India's oil minister Hardeep Singh Puri said on Friday
- India is the world third largest importer of oil and buys 85% of their requirements from overseas.
- "Some diversification has already happened, and we will further diversify...there are many sources, and we will not hesitate to take actions," Puri said
- India has signed new oil supply deals with Colombia and Brazil and looking for stakes in oil producing assets overseas according to Puri.
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