
Economic desk:
India’s state-owned refiners are reportedly turning to their traditional oil suppliers in the Middle-East for crude purchases amid sharp falls in discounts on Russian crude and payment-related difficulties . State-owned refiners are in talks to increase oil supplies from Iraq.
A senior government official told the Indian Express. Russian crude oil, the Ural, is rising above the Western price cap of $60 a barrel, the official said.
Discounts on Russian crude have fallen sharply in recent weeks, the official said on condition of anonymity. If Russia sells oil to state-owned refiners at prices above the price cap, they will not want to buy oil from Russia.
The official said India has asked Iraq to consider changing some of the conditions for oil payments. For example, India's state-owned refiners Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) will buy large quantities of oil from Iraq in exchange for extending the existing credit period from 60 days to 90 days .
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