Reliance, state-run oil cos buy US crude for first time
Reliance
Reliance?bought 1 million barrels of West Texas Intermediate Midland and a similar-sized cargo of Eagle Ford?crude, both of which are expected to arrive in November
RelianceIndustriesLtd haspurchasedcrude oil cargoes from the United States for thefirsttime, drawn by the lower price for USoil versus global benchmarks, three tradesourcessaid on Tuesday.
Reliance, the owner of the world’s biggest refining complex at Jamnagar, is joining state-run refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp in importing UScrude. Thepurchaseillustrates the vast reach of USoil exports since the government rescinded a decades-long ban at the end of 2015.
For thispurchase,Reliancebought 1 million barrels of West Texas Intermediate (WTI) Midland and a similar-sized cargo of Eagle Fordcrude, both of which are expected to arrive in November, thesourcessaid.
USproducer Occidental Petroleum Corp sold the WTI Midland cargo, they said.
Reliancedid not respond to Reuters' email seeking comments.
There was also no reply to an emailed request for comment from Occidental sent outside of USbusiness hours.
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Opportunities for Indian refiners to import more UScrudeincreased after the discount for West Texas Intermediate, the benchmark for UScrude, to global benchmark Brent stretched to its widest since 2015 during September.
State-run Indian refiners have bought a total 7.85 million barrels of oil from the United States so far.
India's imports of USoil follows Indian Prime Minister Narendra Modi's visit to Washington in June when President Donald Trump said his country looked forward to exporting more energy products to India.
On Monday, Indian Oil, the country's top refiner, received its parcel of the UScrudeat the eastern port of Paradip, the company said in a statement.
Including the USas a source forcrudeimports for refiners will go a long way in mitigating the risk arising from geopolitical disruptions, Sanjay Sudhir, the joint secretary for international cooperation at the oil ministry, said in the Indian Oil statement.
UScrudeoil shipments to India have the potential to boost bilateral trade by up to $2 billion, the USembassy in India said in a statement on Monday.