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India Scours Angola, Venezuela for Crude as Mideast Supply Dries Up
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OilPrice.com Daily News Update
Indian refiners are in search of crude supply from as far as Angola in Africa and Venezuela in South America as their term supplies from the Middle East are trapped again and unable to reach India as planned.
Some of the biggest state-held refiners in India, the world’s third-largest crude oil importer, are looking for and testing new crude grades, to offset part of the supply lost to the Middle East conflict, senior refinery executives told Indian outlet Economic Times.
“We diversified our crude sourcing outside of the Strait of Hormuz, exploring multiple geographies including two new crude grades from Venezuela and Angola,” Vetsa Ramakrishna Gupta, finance director at state-run Bharat Petroleum Corporation Limited (BPCL), told ET.
India’s crude oil imports from Russia have remained close to record-high levels in July despite the end of the U.S. waiver the previous month.
But this week, some of India’s state refiners suspended crude oil loadings from Iraq, amid the escalation of hostilities in the Middle East and the abrupt halt to traffic through the Strait of Hormuz.