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Abu Dhabi-based National Petroleum Construction Company (NPCC) has secured a $1.3 billion contract from Saudi oil giant Aramco for two projects linked to fabrication and installation of 9 structural jackets as well as the delivery of 8 subsea pipelines.
Crude prices have continued to see support from ongoing tensions in the Middle East, and despite a reversal in crude prices, the overall supply picture remains tight
India’s oil imports from Riyadh in September were at around 556,185 bpd, down nearly a third from August volumes. Between January 2022 and August 2023, the import volumes averaged at over 750,000 bpd.
Surprisingly, the anticipated OSP increase for Saudi crude to Asia didn’t materialize, with Saudi Arabia becoming more cautious not to destroy demand in its key market
India, the world's third biggest oil importer and consumer, also raised imports from Iraq while taking less Saudi oil, the data showed.