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                                    888sport,how to withdraw money from bet365,best online casino to win money,India to buy 36% less oil from Saudi in May: Oil output dispute at heart of tension between Riyadh, New Delhi

                                          ET Now Digital

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                                          Updated Apr 08, 2021 | 09:31 IST

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                                                                Representational image.
                                                                Representational image.  |  Photo Credit: PTI

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                                                                                • Saudi Arabia's national oil producer, Saudi Aramco decided to increase the price of oil shipments to Asia by between 20 to 25 cents per barrel, thereby raising the total cost of light crude for its key Asian customers to about $1.8 above its benchmark price
                                                                                • According to the latest reports, Indian refiners have placed orders to purchase 9.5 million barrels of Saudi oil in May, down from the previously planned 10.8 million barrels

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                                                                                • The decision to curb oil imports from the Kingdom was, reportedly, made following a telephonic conversation between Indian oil minister Dharmendra Pradhan and his Saudi counterpart Prince Abdulaziz bin Salman

                                                                                    1. In a move reflecting the increasing tensions in energy relations between New Delhi and Riyadh, the government has, reportedly, decided to reduce its oil import dependence on Saudi Arabia by 36 per cent in May. The decision was made despite the Kingdom agreeing to increase production made by the Organisation of the Petroleum Exporting Countries (OPEC) and allied producers. 

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                                                                                        Repeated output cuts by Saudi Arabia have placed upward pressure on domestic prices of fuel as a result of rising crude prices. When OPEC+ decided to extend these cuts into April, the government requested its state-run refiners to reduce imports from Saudi Arabia by around a quarter in May. But on April 1, on the heels of pressure from the United States urging oil producers to keep the prices of crude oil affordable to clients, OPEC+ decided to gradually ease its oil output cuts from May onward. 

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                                                                                          However, Saudi Arabia's national oil producer, Saudi Aramco decided to increase the price of oil shipments to Asia by between 20 to 25 cents per barrel, thereby raising the total cost of light crude for its key Asian customers to about $1.8 above its benchmark price. It is worth noting that Saudi Arabia is India's second-largest source of crude oil, with India importing roughly 2.88 million tonnes of crude from the Kingdom in January as per data from the Directorate General of Commercial Intelligence and Statistics. 

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                                                                                                  According to the latest reports, Indian refiners have placed orders to purchase 9.5 million barrels of Saudi oil in May, down from the previously planned 10.8 million barrels. Typically, India's refiners – Indian Oil Corp, Bharat PetroleumCorp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd – purchase roughly 14.8 million barrels of Saudi oil in a month.