Bloomberg reports, citing officials with knowledge of the matter
- India is set to snap up millions of barrels of Middle East crude
- The purchases are in line with global efforts to stabilise energy markets
- This comes after Indian oil minister spoke to US, Saudi counterparts
The sources also say that the finance ministry has already approved the request and that India is seeking to buy around 5.5 million barrels from the UAE and about 9.2 million barrels from Saudi Arabia, with some additional purchases from Iraq.
The report notes that India has space for an additional 15 million barrels of crude currently. For some context, India is the world's third biggest oil consumer - after the US and China.
Oil isn't really moving on the report as prices are still up by just over 3% on the day at around $24.40 now. That is closer to the lows for the day though, after a fall from around $25.20 at the start of the European morning.
