Riyadh – Mubasher: Mangalore Refinery and Petrochemicals Ltd (MRPL) has reduced its annual oil imports from Saudi Aramco by 22% to 70,000 barrels per day (bpd), sources have said.
India's state-run oil refinery is weighing up increasing purchases from Iranian crude oil, Reuters reported, citing sources as saying.
Iranian crude producers were “rigid in their approach and were asking us to offer bank guarantees for oil purchases,” one of the sources added.
Indian refineries deem the recent rises in Aramco's official selling prices (OSPs) “unreasonable” and do not match the pricing methodology, he further noted.
Saudi Aramco, the world's largest oil producer, had raised its OSPs more than forecast, according to oil traders in Asia.
Earlier on Tuesday, commercial sources at two Asian refineries said that they plan to cut crude oil imports from the kingdom by 10% in May.
China-based Sinopec plans to reduce crude oil imports from Saudi Arabia by 40% in May, an official from the firm’s trading arm, Unipec, said on Monday.
