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India and Guyana to Strengthen Oil Ties: Platts
India is looking to strengthen its oil ties with Guyana, as it looks to diversify its oil supply, according to Platts.
- India’s government said it would be exploring crude import deals with Guyana over the next five years and beyond.
- Indian refineries also have the technical capabilities to process Guyana’s three main grades: Liza (API 32 and Sulfur content of 0.6), Unity Gold (33.5, 0.42), and Payara Gold (28, 0.58).
- Guyana amounts to around 32% of the world’s new oil discoveries and is expected to product 0.9m b/d in 2027, compared to 0.1m b/d in 2021.
- India – an importer of 85%-90% of its crude oil - has been benefitting from discounted Russian crude barrels since sanctions and price caps were implemented. Russia was India’s largest crude supplier in 2023.
- However, India would like to diversify its supply, so that it can hedge its growing demand against rising geopolitical tensions.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.