Saudi Arabia’s oil premium may force India to tap Africa

  1. India is looking at Africa to spruce up its oil and gas imports as it seeks to diversify its energy basket.
  2. Recently, Saudi Arabia has decided to charge a premium for the oil it sells to Asian customers.
  3. It would be charging Asian customers 60 cents a barrel more for crude oil during February.
  4. The upcoming 4th India-Africa Hydrocarbon Summit will help in moving this forward.
  5. Africa already contributes around 15% of India’s oil needs and Nigeria is one of the top providers of oil to India.
Oil and Gas Sector – HELP, Open Acreage Policy, etc.
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