Saudi Arabia to make crude oil exports to India since November

According to information available to Tamil Goodwillers site, Saudi Arabia has decided to export 4 million barrels of crude oil to India from November to the largest crude oil exporter in the world.



Saudi Arabia

Saudi Arabia has voluntarily stepped in to this end because of the lack of the crude oil that India has suffered due to the US sanctions imposed on Iran.



India

India has been importing excess crude oil from Iran to China. India will not be able to import crude oil from Iran after the economic sanctions come into effect from November 4.



Expectation

Reliance Industries, Hindustan Petroleum Corp, Bharat Petroleum and Mangalore Refineries expect more than 1 million barrels of crude oil from Saudi Arabia in November.



The need for oil companies

Indian oil companies issued orders to import 9 million barrels of crude oil from Iran in November. There are expectations that the rest of the country will no longer be allowed to import Iran.



Countries that are against Iran to trade with Iran

On the other hand, five countries, including Britain, Russia and China, have been compelled to continue the crude oil imports and other businesses from Iran against the US. These countries have introduced a separate transaction system for this purpose.



Shortage

If Saudi adds 4 million barrels of crude oil, India will need 5 million barrels of crude oil. There is also a possibility of petrol and diesel shortages in India since November