Home›Commodities›Energy›Indian refiners seek 6 million barrels of spot crude a…

Indian refiners seek 6 million barrels of spot crude as deliveries tighten

Mangalore Refinery and Petrochemicals Ltd, and Hindustan Petroleum Corp Ltd are targeting September through mid October supplies, and MRPL told suppliers to avoid routes through the Strait of Hormuz and the Red Sea.

Reported · Written up by our desk · Energy

Indian state controlled refiners are seeking spot crude supply as term deliveries become constrained by the Middle East crisis and its impact on key shipping chokepoints, including the Strait of Hormuz, Reuters reports.

Mangalore Refinery and Petrochemicals Ltd is looking to buy spot crude for delivery in the October 10 to 20 window, while Hindustan Petroleum Corporation Ltd is seeking up to 4 million barrels for delivery in September and October.

MRPL also asked potential suppliers to avoid cargoes that require transit through the Strait of Hormuz and the Red Sea, according to tender documents Reuters reviewed.

Reuters adds that MRPL had previously become the first Indian refiner to request avoidance of both routes when hostilities reignited in late July, and that in the prior week MRPL bought about 1 million barrels of crude from Oman via a tender at a premium of about $3 per barrel to Dated Brent.

Latest closeWTI crude $83.42 ▲1.6%|Brent $89.26 ▲1.8%

More like this

Sources