IOCL and HPCL Secure 7 Million Barrels of Crude Oil Supplies
India’s state-owned oil refining companies have ramped up crude oil purchases, securing approximately 7 million barrels through recent tenders. Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) are the primary buyers, with deliveries scheduled over the next few months, according to sources reported by Reuters.
IOC’s Purchases
IOC has acquired 5 million barrels of crude, including 1 million barrels of Angola’s Kissanje crude from Cathay Petroleum, 2 million barrels of Nigeria’s Agbami and Usan crude from Trafigura, and another 2 million barrels of Angola’s Nemba and Dalia crude from Chevron. These shipments are expected to arrive between late August and early September. Meanwhile, HPCL has purchased 2 million barrels of Brazil’s Tupi crude, with deliveries planned for August and September.
Crude Inventory Recovery
India’s crude oil inventories have rebounded significantly after a decline attributed to disruptions in the Strait of Hormuz. At the end of February, the country’s crude stockpiles were at 107 million barrels, the highest level in a year. However, due to the conflict affecting imports, stocks fell to 95.5 million barrels by the end of March and further to 90.5 million barrels by the end of April. Recent increases in import volumes have contributed to a recovery, with estimates from Kpler indicating that India’s crude oil inventory reached 104 million barrels by the end of June.
Global Oil Market Trends
In the global market, oil prices dropped by more than 1% on Monday following OPEC+’s decision to raise output targets by an additional 188,000 barrels per day starting in August. Brent crude futures fell by $1.02, or 1.41%, to $71.10 a barrel, while US West Texas Intermediate crude decreased by 80 cents, or 1.16%, to $67.89 a barrel. Despite the increase in output targets, actual production has been limited due to disruptions in tanker traffic through the Strait of Hormuz, affecting key OPEC producers.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
