India is gearing up to buy its first oil from the United States, as it seeks to diversify its crude buying amid favorable price differentials, a source from India's petroleum ministry told S&P Global Platts late Monday.
"There will be a consignment of US crude cargoes in the next few months. We are also looking to buy some oil from Canada," said the source, who spoke on condition of anonymity.
India has bought Canadian crude twice before, buying Hibernia crude earlier this year and a cargo of White Rose in 2013.
The source added that these flows will be on a short-term contract basis, and if there is a good response he expects purchases of US and Canadian crude to rise in the coming year. He also said that these cargoes will be used by Indian state oil refiners, but would not divulge specific names.
https://www.platts.com/latest-news/oil/vienna/india-poised-to-make-first-purchase-of-us-oil-27834734
"There will be a consignment of US crude cargoes in the next few months. We are also looking to buy some oil from Canada," said the source, who spoke on condition of anonymity.
India has bought Canadian crude twice before, buying Hibernia crude earlier this year and a cargo of White Rose in 2013.
The source added that these flows will be on a short-term contract basis, and if there is a good response he expects purchases of US and Canadian crude to rise in the coming year. He also said that these cargoes will be used by Indian state oil refiners, but would not divulge specific names.
https://www.platts.com/latest-news/oil/vienna/india-poised-to-make-first-purchase-of-us-oil-27834734