Commodities
Home›Commodities›Energy›India refiners seek crude from Angola and Venezuela as…
India refiners seek crude from Angola and Venezuela as Middle East supply slips
Indian refineries said Middle East term cargoes were trapped west of the Strait of Hormuz, leaving some firms to shift sourcing based on availability rather than optimization.
Indian refiners are looking beyond their usual Middle East term supplies as disruptions related to the region conflict have left planned cargoes unable to reach India, according to reporting from OilPrice.
OilPrice said some state-run refiners are testing new crude grades to replace part of the supply shortfall, with executives pointing to sourcing options from Angola and Venezuela. Bharat Petroleum Corporation Limited finance director Vetsa Ramakrishna Gupta told Economic Times that BPCL has explored new geographies, including Venezuela and Angola, to diversify crude supply outside the Strait of Hormuz.
OilPrice also reported that Hindustan Petroleum Corporation Limited said it received very limited term deliveries from the Middle East in the first quarter because cargoes were sitting west of the Strait of Hormuz. HPCL managing director Vikas Kaushal said the refiner had to make decisions based on availability rather than optimization, OilPrice reported.
The outlet added that while India’s crude oil imports from Russia stayed close to record levels in July even after the end of a U.S. waiver the prior month, some state refiners suspended crude oil loading this week.
Latest closeWTI crude $92.23 ▲6.2%