Three Indian Refiners Cut Mideast Oil Imports in May

At least three Indian refiners have curbed oil imports from Middle East producers, including Saudi Arabia, for May because of storage constraints as local fuel demand slumped following the coronavirus outbreak.

This is the second consecutive month that Indian refiners have cut their long-term crude imports as space to store excess oil is running out because companies are cutting their processing as stay-home measures to curb the spread of the virus have slashed fuel demand.

One of the refinery cut May purchases from Saudi Arabia by about 80%, while at a second company will take 66% less oil from Saudi Arabia in May compared with their average monthly purchases from the country.