India’s state-run oil refiners are ready to snap up Iranian crude the moment US 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 authorised to speak to the media. This includes drafting commercial terms and putting in place mechanisms to quickly assess crude quality, the official said.
India has been vocal in its support for Iranian crude purchases recently as it laments the price of supplies from Saudi Arabia. The world’s third-largest importer has also signaled its desire to diversify its sources of oil, hoping the new US administration will take a softer line on sanctioned producers. Its criticism comes as the consumer struggles with lower demand due to a Covid-19 resurgence.
Indian refiners deepen cuts to Saudi oil purchases in May – sources
Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week.
Energy relations between India, the world’s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.
India to buy 36% less oil from Saudi Arabia in May
Reuters
NEW DELHI |
Updated on
April 06, 2021
Refiners upset with Saudi s decision to raise Asia prices Public Sector refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week.
Energy relations between India, the world s thirdbiggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
New Delhi blames cuts by the Saudis and other oil producers for driving up crude prices as its economy tries to recover from the pandemic.
Indian Oil Corp buys its first Johan Sverdrup crude cargoes
Updated:
Updated:
April 06, 2021 14:18 IST
IOC will take delivery of two million barrels of the NorthSea crude in each of May and June, one of the sources said.Further details on the trades were not yet clear
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Indian Oil Corp
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Reuters
IOC will take delivery of two million barrels of the NorthSea crude in each of May and June, one of the sources said.Further details on the trades were not yet clear
State-run refinerIndian Oil Corporation (IOC) has made its firstpurchase of Norway s Johan Sverdrup crude, buying four millionbarrels via a tender as it speeds up diversification of crudeimports, two trade sources told Reuters on Monday.
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