Aramco to increase oil supply to India

In the backdrop of the oil supply crunch due to withdrawal of sanction waivers by the US, Aramco has offered to increase crude oil supplies to India by 200,000 barrels per day. This additional supply is likely to meet nearly half of the country’s oil imports that were earlier coming from Iran. This offer is for deliveries starting June 2019 as the oil market situation is likely to become clearer by then.