India imports crude oil from US for the first time
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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey’s PP, PE markets open post-Eid period with a cautious tone
- Global oil and petchem revenues hit by challenging market environment
- Tightness shapes expectations for Sept PVC pricing in Asia
- PP uptrend falters in Indonesia amid downstream resistance
- Will European PE market sustain uptrend following higher ethylene?
- COVID-19 resurgence weighs on polymer sentiment in Vietnam
- Stats: Turkey’s H1 polymer imports defy pandemic, hit all-time high
- Stats: China’s total PP, PE imports set a new record in H1 2020
- Lackluster demand outweighs tightness in Asian ABS markets
- Will costs drum up support for a 3rd-month-firming in Europe PET market?