Saudi Aramco Halts Crude Supplies To India? Refiners Face Higher Oil Costs

Indian refiners could face higher crude costs as reports suggest Saudi Aramco has halted crude supplies to some Indian refiners. The development comes as Brent crude prices surge and tanker rates rise amid ongoing disruption in the global oil market. Saudi Aramco accounts for around 9% of India’s crude imports, while refiners have already been diversifying supplies from more than 40 countries. Business Today’s Aishwarya Patil explains what the reported supply disruption could mean for India’s crude basket, refiners and oil marketing companies, and whether higher international oil prices could increase under-recoveries and eventually put pressure on pump prices.