State-run Indian oil refiner Hindustan Petroleum Corp (HPCL.NS) will buy Iranian crude in January after a gap of six months, with the nation’s overall purchases from Tehran at 9 million barrels in the month, four industry sources said.
India’s biggest state-owned crude oil refiner Indian Oil Corp Ltd aims to lift full volumes under its 2018/19 annual contract with Iran, a company official said on Thursday. The company has a deal to buy 180,000 barrels per day (bpd)Iranian oil this fiscal year.
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so far they have managed to find other buyers in Asia, chiefly India.
Oil prices fell on Wednesday and posted the worst monthly performance since mid-2016 on evidence of rising global crude supply, but losses were limited by signs of strong U.S. demand for fuel.
India’s monthly diesel consumption fell for the first time in 10 months year-on-year in September, while petrol sales grew by the least in four months as record high pump prices dented demand, government data showed on Friday.
India’s oil imports from Iran edged up in September from the previous month as refiners pushed back loading of some August cargoes due to a delay in obtaining government approval to use Iranian ships and insurance, data obtained from sources showed.
Asia’s emerging markets, the key driver for global oil demand growth, are being hit hard by soaring crude prices and sliding currencies, raising red flags over expectations of further increases in consumption.
India’s Oil and Natural Gas Corp Ltd (ONGC) has sought an exemption from a government request to buy back government-held shares in the company as ONGC needs the funds for its own capital expenditures, Chairman Shashi Shanker said on Wednesday.
Oil prices rose on Monday as the number of U.S. rigs drilling for new production was cut last week and as the market is expected to tighten once U.S. sanctions against Iran’s crude exports kick in from November.
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen’s Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world’s top oil exporting region.