Why India is buying more crude oil from Africa & North America and not Middle East
India’s shift to exporters like US and Nigeria comes amid an increased demand for gasoline, as the pandemic pushes people to private cars instead of public transport.
shale oil
OPEC announces further supply cuts
This means a 500,000 barrels a day decrease from world markets from January 2020, in additon to the existing 1.2 million bpd cut arrived in October 2018.
Photo: OPEC