The share of India’s traditional crude oil suppliers in the Middle East, which is already facing stiff competition from Russia, is expected to decline as the world’s third-largest importer eyes long-term contracts from Guyana.
According to the S&P Global Commodity Insights, India is set to end the year with its oil demand growth rate surpassing China’s, making it one of the fastest-growing consumption centres, a trend expected to spill over to 2025, prompting the South Asian country’s refiners to accelerate expansion plans and widen crude diversification.
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