OPEC Cuts, Virus Has India Eying Prompt Imports of Light Oil
- Purchases from spot market may rise by 10-15% this year: FGE
- Faster recovery in gasoline demand boosting lighter grade use
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India’s refiners are turning to spot oil from Africa and North America as long-term suppliers in the Middle East cut output and as demand for gasoline jumps amid the Covid-19 pandemic.
Spot crude imports into the world’s third-largest oil market will rise by 10% to 15% this year from 2020, according to industry consultant FGE. The increased purchases are coming as India’s top suppliers, including Saudi Arabia and Iraq, curtail output as part of the OPEC+ pact.