Indian oil refiners looking to benefit from Saudi oil imports after price cuts

Indian oil refineries, Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL), are looking to increase their purchases of Saudi crude oil.

Both refineries are aiming to acquire an additional one million barrels daily from Saudi Arabia,



people familiar with the matter told Reuters on Tuesday, January 9. This move comes after Saudi Arabia on Sunday, January 7, reduced the official selling price of February-loading Arab Light to Asia by 2 dollars a barrel from January to 1.50 dollars a barrel over Oman/Dubai quotes.