With Saudi acting pricey, India prepares to buy Iranian crude as soon as US sanctions ease
India imports more than 85% of its total oil needs. Getting access to Iranian crude would bring a number of benefits, including cheaper barrels and a longer credit cycle.
Debjit Chakraborty 8 April, 2021 3:57 pm IST Text Size:
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Mumbai: India’s state-run oil refiners are ready to snap up Iranian crude the moment U.S. sanctions are eased, according to a government official.
Refiners have started making preparations in advance of the possible removal of penalties so they can swiftly enter into contracts for Iranian supply, said a senior oil ministry representative, asking not to be named because they’re not authorized to speak to the media. This includes drafting commercial terms and putting in place mechanisms to quickly assess crude quality, the official said.
India s state-run oil refiners are ready to snap up Iranian crude the moment U.S. sanctions are eased, according to a government official.
(Bloomberg) India’s state-run oil refiners are ready to snap up Iranian crude the moment U.S. sanctions are eased, according to a government official.
Refiners have started making preparations in advance of the possible removal of penalties so they can swiftly enter into contracts for Iranian supply, said a senior oil ministry representative, asking not to be named because they’re not authorized to speak to the media. This includes drafting commercial terms and putting in place mechanisms to quickly assess crude quality, the official said.
Apr 08 2021, 4:50 PM
April 08 2021, 1:05 PM
April 08 2021, 4:50 PM
(Bloomberg) Indiaâs state-run oil refiners are ready to snap up Iranian crude the moment U.S. sanctions are eased, according to a government official.
(Bloomberg) Indiaâs state-run oil refiners are ready to snap up Iranian crude the moment U.S. sanctions are eased, according to a government official.
Refiners have started making preparations in advance of the possible removal of penalties so they can swiftly enter into contracts for Iranian supply, said a senior oil ministry representative, asking not to be named because theyâre not authorized to speak to the media. This includes drafting commercial terms and putting in place mechanisms to quickly assess crude quality, the official said.
Updated Apr 08, 2021 | 09:31 IST
Repeated output cuts by Saudi Arabia have placed upward pressure on domestic prices of fuel as a result of rising crude prices. Representational image. | Photo Credit: PTI
Key Highlights
Saudi Arabia s national oil producer, Saudi Aramco decided to increase the price of oil shipments to Asia by between 20 to 25 cents per barrel, thereby raising the total cost of light crude for its key Asian customers to about $1.8 above its benchmark price
According to the latest reports, Indian refiners have placed orders to purchase 9.5 million barrels of Saudi oil in May, down from the previously planned 10.8 million barrels