India has turned to Saudi Arabia and Oman for its crude purchases after New Delhi cut its oil imports from Iran by 21.8 per cent as of the beginning of the year, reported local media. According to two informed sources, India's Mangalore Refinery and Petrochemicals (MRPL) bought crude oil from the Abu Safah oilfield for the first time, as well as from Oman, to lessen its dependence on Iranian oil, reported Arab News. Abu Safah is an offshore field of Arab medium crude that Bahrain shares with Saudi Arabia, while Saudi Aramco handles marketing through Ras Tanura. Buyers are finding it increasingly difficult to purchase Iranian oil after the US imposed sanctions on the Kish Protection and Indemnity Club and the Bimeh Markazi-Central Insurance of Iran. The US says that Kish provides insurance for the National Iranian Tanker Co. The European Union and US sanctions, aimed at forcing Iran to curb its disputed nuclear programme, have more than halved Iran's oil exports in 2012. India's MRPL purchased 500,000 barrels from the Abu Safah oil field, which will be shipped between April 1 and April 15. In addition, India's MRPL has bought another 650,000 barrels from Oman and that shipment will be delivered in the second half of April by the trading arm of Shell, added the report. The sources further revealed that MRPL bought Abu Safah crude at a premium of around $1.60 over the price of Dubai crude, while it paid a premium of $1.80 for Omani crude. MRPL operates a refinery in southern India with a capacity of 300,000 barrels per day (bpd). It has been the largest purchaser of Iranian crude. time of oman
GMT 18:36 2017 Tuesday ,26 December
Scenting a recovery, oil producers ratchet up spendingGMT 20:43 2017 Monday ,25 December
Oil markets will witness balance in 2018: Iraqi Oil MinisterGMT 16:17 2017 Sunday ,24 December
Iraq invites bids for new oil pipelineGMT 14:26 2017 Friday ,22 December
Energy prices bump key US inflation index up in NovemberGMT 17:59 2017 Tuesday ,19 December
Japan trade surplus drops sharply on higher oil importsGMT 17:31 2017 Thursday ,14 December
Energy costs push US consumer inflation higher as Fed meetsGMT 15:30 2017 Wednesday ,29 November
Shell resumes all-cash dividend as oil price recoversGMT 13:22 2017 Sunday ,26 November
Chinese demand teaser to weigh on Vienna oil summit
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor