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India Looking to Diversify Oil Imports


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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