Reuters: India may increase oil purchases from Riyadh amid falling prices
Oil refineries in India are considering ramping up purchases of Saudi crude after the kingdom slashed the price of its key export grade in February to its lowest level in more than two years. He writes about this with reference to sources in Indian companies. Reuters.
Two companies – the country's largest Indian Oil and Bharat Petroleum – can buy one million barrels of oil each from Saudi Aramco.
Related materials:
India, the world's third-largest oil importer and consumer, is actively purchasing discounted Russian oil. Information about the country’s possible transition to purchasing from Riyadh appeared against the backdrop of rumors about difficulties with paying for Russian raw materials. However, Indian Minister of Petroleum and Natural Gas Hardeepa Puri said that there are no problems with payment, and the volume of imports depends only on the cost of energy resources.
On January 7, it became known that the Saudi state company Saudi Aramco will reduce prices for supplies of key Arab Light oil in all regions in February. The company made this decision due to declining demand for this type of fuel. Thus, prices for supplies to Asia decreased by 1.5-2 dollars per barrel, and they were also reduced for North-Western Europe, the Mediterranean and North America.
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