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India set to be newest outpost for US crude as refineries ramp up purchases

Modi administration has been encouraging more crude imports by waiving some shipping requirements

Reuters  |  Ne York/ New Delhi 

India is set to emerge as a key market for American crude exports in coming months, as refineries in India are ramping up "test" purchases of US grades to diversify their imports. US exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the US lifted its ban on crude exports in late 2015. Indian refineries are starting to increase purchases as the country seeks to secure more supply from outside the Middle East. Refiners are testing both US sweet and ...

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First Published: Tue, October 17 2017. 11:23 IST