Iranian Oil Minister Bijan Zanganeh said on Wednesday that, because of U.S. sanctions, India had refused to allow a Russian-owned Indian refinery to use Iranian crude oil that India had obtained under waivers.
Buying interest for physical cargoes of 380-cst high-sulphur fuel oil (HSFO) intensified on Tuesday, after muted trade in the previous two sessions, lifting cash premiums of the fuel to a three-session high.
India has delayed the commissioning of a giant refinery that state-owned firms are building in tie up with Saudi Aramco and Abu Dhabi National Oil Co (ADNOC) by two year to 2025, a senior official at the consortium told Reuters on Tuesday.
India’s fuel demand fell 1.8 percent in November compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.27 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Iran has set the official selling price (OSP) of its Iranian Light grade for its Asian buyers at 30 cents above the Platts Oman/Dubai average for January, $1 lower than the previous month, a price document reviewed by Reuters showed on Tuesday.
Asian jet fuel price discounts stand at their lowest December levels in nine years as a supply glut offsets consumption even as the region’s aviation sector booms.
Top Indian gas importer Petronet LNG is looking to sign a deal in a year’s time to buy at least 1 million tonnes of U.S. natural gas annually for a period of up to 10 years, as it pushes to diversify its supply sources beyond the Middle East.
Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers’ interests before deciding to cut crude oil production.
An Indian court is expected on Friday to follow an experts’ panel recommendation and order the reopening of a copper smelter closed after 13 people died when police fired on environmental protesters in May, two sources familiar with the matter said.
India will import crude oil from Iran using a rupee-based payment mechanism, an industry source involved in discussions told Reuters on Thursday, adding that 50 percent of those payments will be used for exporting items to Tehran.