*India’s energy officials have been increasingly vocal in their criticism of Opec+ policy of continuing to keep oil supply tight even as prices approach $70/B (MEES, 12 March). Reuters reports this week that key state refiners: Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery and Petrochemicals plan to cut volumes from Saudi Arabia by around 25% for May. Planned April loadings have already been finalized.
*The four firms collectively account for around 60% of India’s 5mn b/d refining capacity. Ironically, India’s key private sector refiner, 1.82mn b/d Reliance Petroleum, has been in drawn out talks to sell Aramco 20% of its downstream business (MEES, 13 November 2020). (CONTINUED - 321 WORDS)
