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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

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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.

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