Indian Refiners Grab New Oil Supply to Cut Mideast Reliance
- Local processors add new grades while lifting more U.S. crude
- Shock OPEC+ decision to maintain curbs irks Indian government
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Refiners in the third-biggest oil importer are snapping up more cargoes from outside the Middle East after India’s government urged them to diversify suppliers with the OPEC+ alliance keeping a tight rein on output.
Local processors are adding new grades and lifting more U.S. oil to pare their reliance on the Middle East, the nation’s traditional supplier. HPCL-Mittal Energy Ltd. became the first Indian buyer of Guyanese oil, while Mangalore Refinery & Petrochemicals Ltd. has booked a shipment of Brazil’s Tupi for the first time.