Saudi Arabia, the world's biggest crude oil exporter, will supply Indian crude oil buyers with an additional four million barrels of crude oil in November, several sources familiar with the matter said on Wednesday (10).
The extra supply indicates a willingness by Saudi Arabia to increase crude oil supply to make up the shortfall once sanctions by the United States on crude oil exports from Iran, the third-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), startup on November 4.
India is Iran's top crude oil client after China, though several refiners have indicated they will stop taking Iranian barrels because of the sanctions.
Reliance Industries Ltd, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemicals Ltd are seeking an additional one million barrels each in November from Saudi Arabia, the sources said.
Three of the companies did not immediately reply to an email from Reuters seeking comment. Mangalore replied "no comments" when contacted by email.
State-owned crude oil producer Saudi Aramco was not immediately available for comment.
Given their dependence on Iranian crude oil supplies, the Indian refiners are concerned about the loss of Iranian crude once the sanctions start and are seeking exemptions.
Refiners in the country have placed orders to buy nine million barrels from Iran in November.
Reuters
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