Indian Oil Corp (IOC) and Bharat Petroleum Corp (BPCL), two major state refiners in India, are reportedly aiming to boost their imports of Saudi crude oil in February. This move comes in response to Saudi Arabia's reduction of the official selling price for its key export grade to the lowest level in 27 months. IOC and BPCL are each considering an additional 1 million barrels of oil from Saudi Aramco. The increased interest in Saudi crude is attributed, in part, to challenges in purchasing Russian light sweet crude Sokol due to payment difficulties. Russia, once India's top oil supplier, has faced sanctions, leading to diversions of tankers and a decline in Russian oil imports in December. The decline is officially stated as being due to unattractive prices rather than payment issues. To compensate for the loss in Russian oil supply, IOC may also seek additional supplies under its term deals with West African producers Nigeria and Angola.

SOURCE:HELLENIC SHIPPING NEWS