Home / Economy / News / IOC to buy Guyanese crude as India doubles up on cutting Opec dependence

IOC to buy Guyanese crude as India doubles up on cutting Opec dependence

According to oil ministry officials, this deal is at competitive rates and is in line with the strategy to have multiple sources of crude oil for Indian refiners

Premium

India recently doubled efforts to diversify the regions from where it buys crude oil

Twesh Mishra New Delhi

4 min read Last Updated : Apr 15 2021 | 6:10 AM IST

Indian Oil Corporation (IOC) will buy a consignment of Guyanese crude oil in a push to diversify the sources.

According to oil ministry officials, this deal is at competitive rates and is in line with the strategy to have multiple sources of crude oil for Indian refiners.

“We are no longer constrained by West Asian crude oil grades. Our refineries today can process around 200 grades of crude oil. With improvements in global shipping value chains, we are able to access more sources. This approach also helps mitigate any unwarranted surges or premiums levied on crude oil,” the official told Business Standard.

India

Topics : Indian Oil Corporation guyana Indian oil import Indian oil demand OPEC Crude Oil Saudi Arabia

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in