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Two Indian Firms Seek More Saudi Oil on OSP Cut

OIL

Two Indian refiners are seeking to import more Saudi crude oil next month after Saudi Aramco cut the Arab Light OSP to Asia in February to the lowest level since November 2021, company sources told Reuters.

  • Indian Oil Corp and Bharat Petroleum are seeking to import an additional 1mn barrels of oil each from Saudi Arabia in February, the sources said. Saudi Aramco typically notifies Asian buyers of their monthly crude allocations by the 10th of every month.
  • IOC is also seeking more oil from West Africa. The source said the firm is facing issues in payment for Russia’s Sokol grade, however, India’s oil minister said last week, the country is not facing issued related to payment but instead, Russian oil supplies are dependent on prices.
  • Saudi Aramco cut the OSP for Arab Light to Asia for February by $2/bbl on the month to $1.50/bbl over Oman/Dubai quotes. Aramco also cut prices for its other crude grades to Asia by $2/bbl.
Energy BulletsCommodities
Energy BulletsCommodities

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