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* IOC, MRPL term volumes to drop by 10-17% - sources * BPCL, HPCL volumes expected to fall - sources * Reliance switches to Basra Medium from Basra Light - sources NEW DELHI, Jan 21 (Reuters) - Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20% for 2021, industry sources said, in a rare move by OPEC’s second-largest producer which is trying to meet its obligations under the group’s production deal. Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad’s market share in the world’s t...
Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20% for 2021, industry sources said, in a rare move by OPEC's second-largest producer which is trying to meet its obligations under the group's production deal.
Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20% for 2021, industry sources said, in a rare move by OPEC`s second-largest producer which is trying to meet its obligations under the group`s production deal. Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad`s market share in the world`s third largest oil importer and consumer.
By Nidhi Verma NEW DELHI (Reuters) - Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20% for 2021, industry sources said, in a rare move by OPEC's second-largest producer which is trying to meet its obligations under the group's production deal. Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad's market share in the world's third largest oil importer and consumer. Iraq's Oil Marketing Company (SOMO) has reduced the 2021 Basra term volumes to several Indian refiners by between 10% and ...