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India's HPCL Snaps Up Nigerian Crude To Dodge The Hormuz Bottleneck
['Charles Kennedy', 'Charles Is A Writer For Oilprice.Com', 'More Info']
OilPrice.com Daily News Update
HPCL has acquired Okwuibome and Utapate crudes from Nigeria from commodity trader Glencore via a tender, the sources told Reuters.
Since the beginning of the Iran war, Indian refiners have scrambled to replace the lost crude oil supply from the Middle East with alternatives from other producers.
Set OilPrice.com as a preferred source in Google hereIndia has significantly boosted its imports of Russian crude in recent months, with July imports hitting a new all-time high and accounting for more than half of total Indian crude oil imports.
But these aren’t enough and Indian refiners are looking for sources of supply that does not need to transit any of the chokepoints in the Middle East.
HPCL said it barely got any term supplies from the Middle East in the first quarter as cargoes were trapped in the Persian Gulf west of the Strait of Hormuz.