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India imports crude oil from US for the first time

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/07/2017 (13:54)
According to Reuters, the world’s third-biggest oil importer, India, buys crude oil from the US for the first time with delivery in October. This development followed US President Donald Trump’s intention that the US wishes to export more energy products to India.

Accordingly, India’s state-owned company, Indian Oil Corp., purchased almost 2 million barrels/day crude oil from the USA as OPEC oil production cut boosted the oil prices in the Middle East, which subsequently forced the country to change its direction towards achieving more competitive prices. In addition, it was reported that refineries in India can process US crude oil more easily and it has reduced cost pressure compared to other crude oil types, by which means it offers a better alternative for the country.

Meanwhile, Bharat Petroleum Corp Ltd (BPCL) is also planning to buy U.S. crude oil for the first time, the reports revealed.
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