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2017-07-10 12:05:00

INDIA BUYS U.S. OIL

INDIA BUYS U.S. OIL

INDIA'S ENERGY DEMAND 2000 - 2040

REUTERS - India, the world's third-largest oil importer, will import crude oil from the United States for the first time after Indian Oil Corp bought a cargo that will be delivered in October.

The purchase comes after Indian Prime Minister Narendra Modi's visit to the U.S. in June when President Donald Trump said his country looked forward to exporting more energy products to India.

IOC bought 1.6 million barrels of U.S. Mars crude, a heavy, high-sulfur grade, and 400,000 barrels of Western Canadian Select that will be delivered onboard a Very Large Crude Carrier, IOC's head of finance, A.K. Sharma, told Reuters.

PetroChina was awarded the tender to sell the cargoes and is expected to load the oil off the U.S. Gulf Coast, said a trading source with direct knowledge of the sale.

The cargo was priced on a delivered ex-ship basis, which is "very competitive" to that of Basra Light, Sharma said.

"So long as the prices remain competitive, we will buy more of the U.S. crude," he said.

IOC had to obtain special permission from the shipping ministry to buy the cargo on a delivered basis as local regulations favor the use of Indian flagged carriers for imports, Sharma said.

India is the latest Asian country to buy U.S. crude after South Korea, Japan, China, Thailand, Australia and Taiwan as the countries seek to diversify oil imports from other regions after the OPEC cuts drove up prices of Middle East heavy-sour crude, or grades with a high sulfur content.

Indian refiners are seeking these heavy, high-sulfur grades as feedstocks after modifications at their plants make it easier to process these types of crudes, which typically sell at a lower cost relative to other oil types. The U.S. could become an alternative source for the Indian companies for these grades.

A second Indian refiner Bharat Petroleum Corp Ltd also planned to buy its first ever U.S. crude oil cargo and has issued a purchase tender.

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Earlier:

 INDIA:

 

USA:

VIETNAM - INDIAN DEAL  

ROSNEFT - ESSAR DEAL: $12.9 BLN 

ROSNEFT - ESSAR DEAL: $12.9 BLN 

INDIAN OIL PRICES 

MAJOR INDIAN CONSUMPTION 

INDIA'S ENERGY TRANSFORMATION  

HEAVY INDIA'S ENERGY

 

U.S. DEFICIT $46.5 BLN 

U.S. LNG FOR BRITAIN 

U.S. GAS UPDOWN 

U.S. GDP UP 1.4% 

U.S. - S.KOREA BUSINESS 

IMF: U.S. ISN'T WORKING WELL 

U.S. OIL DEMAND UP 4.9%

     

 

 

Tags: INDIA, USA, OIL

Chronicle:

INDIA BUYS U.S. OIL
October, 23, 11:15:00

LIBYAN OIL PRODUCTION 1 MBD

Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.

INDIA BUYS U.S. OIL
October, 23, 11:10:00

SCHLUMBERGER NET INCOME $545 MLN

- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion

INDIA BUYS U.S. OIL
October, 23, 11:05:00

BAKER HUGHES NET LOSS $104 BLN

“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.

INDIA BUYS U.S. OIL
October, 23, 11:00:00

U.S. RIGS DOWN 15 TO 913

U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.

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