India’s growing demand for oil and its plans to rely less on crude from its biggest supply region, the Middle East, is set to support demand for oil tankers traveling on longer routes to the world’s third-largest oil importer. India, which imports more than 80 percent of the crude oil it consumes, has been hinting in recent years that it needs to look beyond the traditional Middle East suppliers for oil. As fortunate as it has been for the country to have some of the world’s biggest oil exporters so close to its shores, India is now looking to boost its energy security by having more choices when it comes to oil suppliers. Its also looking to pay less for oil from beyond the Arab Gulf, arbitrage and price spreads permitting. India’s diversification drive has become more urgent this year. The recent oil price rally and the OPEC+ decision […]