• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 24 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 1 hour Demand for Diesel vs. Oil
  • 10 hours Which type of Hegemony will China follow
  • 1 day Governments that wasted massive windfalls
  • 2 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 1 day Here is Why People Lose Money Trading Natural Gas
  • 1 day We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 17 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 1 day US Shale: Technology
  • 1 day Let’s take a Historical walk around the Rig
  • 3 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
Bankruptcies In U.S., Canadian Oil Jump 50% In 2019

Bankruptcies In U.S., Canadian Oil Jump 50% In 2019

Bankruptcies among U.S. and Canadian…

India Turns To Iran To Boost Its SPR After Talks With UAE Stall

Oil storage India

After stalled talks with the United Arab Emirates, India is turning to Iran for 6 million barrels of crude oil as it seeks to build up its strategic reserves. India increased Iranian oil exports by approximately 600,000 barrels per day as of last month, the highest amount in the last fifteen years.

India’s refineries are looking for more oil after the country’s import negotiations became bogged down over commercial terms. According to Reuters, The National Iranian Oil Company is set to supply Iranian Mix grade, which would fill half of the Mangalore storage facility in Karnataka. Bharat Petroleum Corp will purchase four million barrels, while Mangalore Refineries and Petrochemicals Ltd will import two million barrels.

Last week, Indian officials negotiated with the National Iranian Oil Company for the increased oil purchases. NIOC Deputy Director for Marketing and Operations Safar Ali Keramati stated that if the country comes to Iran “for extra barrels, then we will do our best to accommodate their demand."

India wants to bolster its reserves as a hedge for its economy against potential negative changes in the market. It plans to store its reserves in its underground caverns. Iran of course, will benefit from the agreement as it scrambles regain its position in the market post-sanctions. The added shipments will help to ensure that Iran reaches the pre-sanction export levels of 2012 when it was moving 2.3 million barrels per day.

The agreement could also put Iran in a better seat at the table when OPEC meets in Algeria to discuss capping oil production. The country has said it would support stabilizing the market, but would only participate in a production cap after its oil output had reached pre-sanction numbers. In August, Iran’s oil exports had already hit 2.11 million barrels per day.

Lincoln Brown 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
Download on the App Store Get it on Google Play