HPCL-Mittal Energy became the first Indian buyer of Guyanese oil, while Mangalore Refinery & Petrochemicals has booked a shipment of Brazils Tupi for the first time.
Refiners in the third-biggest oil importer are snapping up more cargoes from outside the Middle East after the government urged them to diversify suppliers with the OPEC+ alliance keeping a tight rein on output. Local processors are adding new grades and lifting more U.S. oil to pare their reliance on the Middle East, the nation’s traditional supplier. HPCL-Mittal Energy became the first Indian buyer of Guyanese oil, while Mangalore Refinery & Petrochemicals has booked a shipment of Brazil’s Tupi for the first time.
While expanding energy demand makes it imperative for India to widen its pool of crude sources, the surprise decision earlier this month by the Organization of Petroleum Countries and its allies to extend supply curbs irked the government as prices spiked. India, which imports about 90 per cent of its oil requirements, has seen record pump prices this year. That’s an extra burden as the economy takes a heavy hit from the coronavirus pandemic.
News Source:- NDTV