Very usefull links


News links




Dow Jones

Oil price



Views and News





Indian Oil buys U.S. crude to part replace Iran cargoes



By Nidhi Verma and Jessica Jaganathan


Petroleumworld 08 08 2018

Indian Oil Corp has bought 6 million barrels of U.S. crude for delivery in November to January, a company official said, as the nation's top refiner scouts for alternatives to Iranian oil ahead of impending U.S. sanctions.

This was the company's first purchase through a mini-term tender to buy U.S. oil, IOC's Director of Finance A.K. Sharma said on Wednesday.

IOC will buy 2 million barrels of Mars oil in November, a combination cargo containing 1 million barrels each of Eagle Ford and Mars in December and 2 million barrels of Louisiana Light Sweet (LLS) in January, Sharma said.

Sharma did not identify the sellers or the price.

India has asked refiners to prepare for a drastic cut or even zero imports from Iran after the United States withdrew from the 2015 nuclear deal and announced a renewal of sanctions on Tehran.

While some sanctions started from Aug. 6, others, most notably in the petroleum sector, will be applied from Nov. 4.

Lower purchases by Chinese buyers is also aiding the flow of U.S. oil to India. China's Unipec has suspended U.S. oil imports due to a growing trade spat between Washington and Beijing.

In addition, U.S. crude futures' discount to Brent WTCLc1-LCOc1 remains historically wide at $6.27 a barrel, encouraging U.S. oil exports.

“We think India will continue to buy U.S. oil given the strength in U.S production and the Indian market can emerge as a reliable buyer of U.S. oil,” said Sri Paravaikkarasu, head of East of Suez Oil at consultancy FGE.



Reporting by Nidhi Verma; Editing by Christian Schmollinger from Reuters
08 07 2018


We invite all our readers to share with us
their views and comments about this article.

Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1

November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter






Editor & Publisher:Elio Ohep/
Contact Email:

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.