India Plans to Purchase Low Price Oil from Saudi Arabia and the UAE to Top-up Petroleum Reserves

India Plans to Purchase Low Price Oil from Saudi Arabia and the UAE to Top-up Petroleum Reserves

https://islamicmarkets.com/articles/india-plans-to-purchase-low-price-oil-from-saudi-arabia
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Oil prices, globally, have declined around 40 percent during March this year, stemming from low demand due to the negative impact on economies caused by the Coronavirus pandemic. Contrary to the trend in demand, oil supply appears to be growing, given the Moscow’s refusal to adhere to output cuts.

Saudi Arabia and the UAE, major producers of the Organisation of the Petroleum Exporting Countries (OPEC), have stated that they will increase output while reducing prices, which will give an opportunity for larger consumers to top-up at discounted prices.

India is currently the world’s third biggest Oil importer cum consumer, importing close to 80 percent of the country’...