India Cuts Orders For Saudi Oil After Price Hike

India will buy some 36 percent less crude oil from Saudi Arabia next month, unnamed sources told Reuters soon after the Kingdom said it would increase its official selling price for oil for its Asian buyers. Saudi Arabia said this week it would hike its crude oil prices for Asian buyers by $0.40 per barrel and cut those for European and U.S. buyers by $0.20 and $0.10 per barrel, respectively. The price increase concerns May cargos. This means the May shipments price for Arab Light—Saudi Arabia’s flagship grade—will cost Asian…