Commodities & Energy

Reuters first to report India considering cutting back crude imports

Reuters first to report India considering cutting back crude imports

Reuters was first to report that India, the world’s third largest importer of oil, was considering cutting back on purchases and relying more on cheaper crude already stored in inventories. The chairman of India’s biggest oil refiner Indian Oil Corp, Sanjiv Singh, confirmed the plan to cut imports in favor of stockpiled crude was discussed at a Sept. 15 meeting attended by refinery officials.