Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the United States to make up for any loss of Iranian oil if the U.S. enforces sanctions more harshly from next month, sources and company officials said.
All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from other producers, officials from the companies told Reuters. The state refiners have not yet placed orders for Iranian oil for May, when the current waiver expires, pending clarity from the United States.
India’s Bharat Petroleum Corp (BPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have tapped Iraq to make up for Iranian oil, while Indian Oil Corp (IOC) has signed its first annual contract with U.S. suppliers and raised supplies from Mexico. Read More