India will further diversify its oil imports to better prepare for future OPEC+ production cuts that raise oil prices and tighten supply for the world’s third-largest crude oil importer, Indian Petroleum Minister Hardeep Singh Puri said on Friday. Last week, OPEC+ announced the biggest cut to its collective target since 2020. Despite the headline number of 2 million bpd, the actual cut from current OPEC+ oil production would be half that figure, at around 1 million bpd-1.1 million bpd. That’s because many producers, including Russia in recent months, haven’t been able to produce to their quotas for months. Still, the large OPEC+ production cut is bad news for India, which depends on imports for more than 85% of its crude oil consumption. Around 60% of India’s crude oil imports come from the Middle East. However, this share has been falling in recent years as refiners have started to diversify […]