Code: 609329 A

Indian state companies are planning to double oil imports from Iran in 2018, Reuters reported.

“Iran is pushing to retain its oil customers in Asia, offering better terms than other Middle Eastern suppliers including Saudi Arabia, even as the threat looms of potential further U.S. sanctions on the OPEC member,” according to Reuters.

“Tehran recently deepened freight discount to firms in India, its second-biggest oil client after China, in return for higher volumes.”

“In the current fiscal year to March 2019, state refiners Indian Oil Corp, Mangalore Refinery and Petrochemicals Ltd, Bharat Petroleum and Hindustan Petroleum plan to import 396,000 barrels per day (bpd) Iranian oil,” Reuters quoted two sources familiar with the plans who spoke on condition of anonymity as saying.

“All four refiners imported about 205,600 bpd Iranian oil in the previous fiscal year.”

END

Better Double Opec Return Reuters
Send Comment