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Indian refiners hope to reduce demand for Basra oil by American consumers
Shafaq News/ Indian refiners said they hope to see less demand for Iraqi Basra crude from US end users once SPR releases start.
A trading source at India's state-run Bharat Petroleum said Iraq's supply from Basra to Asia was tight and price differentials were rising as the United States sought more Iraqi barrels to offset the cuts in Russian crude.
"We hope the US SPR releases will help ease US buyers' demand for Iraqi crude and give Asian buyers some breathing," the trade sources said.
For Asian buyers, the Iraqi State Oil Marketing Organization set the Basra Medium OSP for April loading at a premium of $3.50 a barrel over the average valuations of Platts Oman/Dubai that month, up from $1.30 a barrel in March.
And US President Joe Biden decided to release one million barrels per day from the strategic oil reserves of the United States for a period of 180 days in order to limit the rise in oil prices that rose after Russia's invasion of Ukraine.
Iraq is India's largest oil exporter, and it ranks first in the world in relation to the rest of India's oil-exporting countries.
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A trading source at India's state-run Bharat Petroleum said Iraq's supply from Basra to Asia was tight and price differentials were rising as the United States sought more Iraqi barrels to offset the cuts in Russian crude.
"We hope the US SPR releases will help ease US buyers' demand for Iraqi crude and give Asian buyers some breathing," the trade sources said.
For Asian buyers, the Iraqi State Oil Marketing Organization set the Basra Medium OSP for April loading at a premium of $3.50 a barrel over the average valuations of Platts Oman/Dubai that month, up from $1.30 a barrel in March.
And US President Joe Biden decided to release one million barrels per day from the strategic oil reserves of the United States for a period of 180 days in order to limit the rise in oil prices that rose after Russia's invasion of Ukraine.
Iraq is India's largest oil exporter, and it ranks first in the world in relation to the rest of India's oil-exporting countries.
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