• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 57 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 hour Coal Boom in Asia is Real and a Long Trend
  • 2 hours The Plastics Problem
  • 17 hours China's President Xi To Visit North Korea This Week
  • 6 hours Hydrogen FTW... Some Day
  • 9 hours GM Considering Electric Hummer
  • 5 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 20 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 23 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 19 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 13 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 23 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 21 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 16 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Supply Woes Keep Oil Prices Subdued

Supply Woes Keep Oil Prices Subdued

The fundamentals seem to be…

Another Big Indian Refiner Keen To Buy U.S. Crude

New Delhi

India’s Hindustan Petroleum Corporation Limited (HPCL), plans to buy U.S. crude oil in coming months for its 166,000-bpd refinery in southern India, according to company executives, which would add yet another Indian customer for U.S. crude.

Last month, Indian Oil Corp., the country’s top refiner, became the first Indian company to buy U.S. crude oil, purchasing 1.6 million barrels of Mars crude. A week later, Bharat Petroleum became the second Indian refiner to start buying U.S. crude oil, after Bharat purchased 500,000 bpd each of Mars and Poseidon crude, to be delivered between late September and early October. 

India is the latest addition to Asian customers for U.S. crude, after OPEC’s production cuts pushed prices up for the heavy sour crude oil from the Middle East and for grades with high sulfur content.

Referring to purchases of U.S. crude, HPCL Chairman M.K. Surana said at a news conference on Friday, as quoted by Reuters:

“We are also going to buy in the near future, in some months. There are certain grades which we found suitable for us.”

"We should have a wider basket and more options. U.S. crude is an additional option for us,” Surana added.

HPCL is studying if it can replace Nigerian sweet oil with U.S. crude, finance chief J. Ramaswamy said. In addition, the Indian company is interested in importing a very large crude carrier containing 2 million barrels of U.S. oil every month, Reuters quoted Ramaswamy as saying.

U.S. crude oil exports inched up to 1.023 million bpd in May, compared to 1.001 million bpd in April, the latest available EIA data show. In recent months, Canada and China have been alternating positions as the top buyer of U.S. crude. In February and April this year, China imported more crude oil from the U.S. than Canada did, according to the EIA.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News