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An Indian refiner raises Iraq's oil supplies to make up for cuts in Mexico
Shafaq News/ The Indian Oil Corporation (IOC.NS), the country's largest refiner, plans to increase its crude oil purchases from Iraq by 11.5% in 2022 to 390,000 barrels per day to make up for the shortage in Mexico and a possible cut in supplies from Kuwait.
Iraq is the largest oil supplier to India, which is the third largest importer of oil in the world, and its market share is set to rise there as another refiner, Hindustan Petroleum Corporation (HPCL.NS) will buy more crude oil from the Middle Eastern country.
And oil sources told Reuters, "Indian companies have resorted to buying larger quantities from Iraq, as Mexico is curbing supplies with the opening of a new refinery, while Indian refineries also expect to reduce oil supplies from Kuwait in the next fiscal year, which begins in April, as Kuwait aims to start the Al-Zour refinery." of 615,000 barrels per day this year.
Last year, Kuwait initially signed a nine-month oil supply contract with Indian refineries, but later extended the contract for three months until March 2022 due to delays in operating the Al-Zour refinery.
An Iraqi oil source said that Iraq, as the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), will be able to increase exports by up to 250,000 barrels per day from the second quarter after completing the installation of pumping stations in its Gulf ports.
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Iraq is the largest oil supplier to India, which is the third largest importer of oil in the world, and its market share is set to rise there as another refiner, Hindustan Petroleum Corporation (HPCL.NS) will buy more crude oil from the Middle Eastern country.
And oil sources told Reuters, "Indian companies have resorted to buying larger quantities from Iraq, as Mexico is curbing supplies with the opening of a new refinery, while Indian refineries also expect to reduce oil supplies from Kuwait in the next fiscal year, which begins in April, as Kuwait aims to start the Al-Zour refinery." of 615,000 barrels per day this year.
Last year, Kuwait initially signed a nine-month oil supply contract with Indian refineries, but later extended the contract for three months until March 2022 due to delays in operating the Al-Zour refinery.
An Iraqi oil source said that Iraq, as the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), will be able to increase exports by up to 250,000 barrels per day from the second quarter after completing the installation of pumping stations in its Gulf ports.
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