Monday, July 10, 2017

India Signs First Deal To Buy US Crude Oil -- July 10, 2017

From Platts:
Indian Oil Corp has sealed its first deal to import crude oil from the US, making it the first ever US crude purchase among India's state-run refiners, while more deals are possible in coming months, IOC's director of finance A.K. Sharma told S&P Global Platts in an interview.

IOC joins other refiners in leading Asian crude importers who have been sourcing US crude because of favorable economics, adding to the headache of some Middle Eastern suppliers, as they will have to brace for increased competition in India, which is witnessing robust growth in oil products demand.

IOC's move to add the US to its long list of suppliers could open the way for more purchases by other Indian refiners, both state-run and private.
Mars was recently mentioned on the blog

The wiki report on the off-shore Mars oil drilling platform can be found here.

Considering that US crude oil exports are now setting new records each month, this is an incredibly big story.

A story that probably won't be on the evening news.

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