Get All Aynaijablog Latest Updates Delivered Straight Into Your Inbox For Free. Subscribe!!

Monday, 7 August 2017

India Paid For US First Crude,Deal Beat down Nigeria Market


As per report; India’s state-run refiner Bharat Petroleum Corp Ltd (BPCL) paid for one million barrels of United
State crude oil grade, the West Texas Intermediate (WTI) Midland sweet crude, for delivery in October, making it BPCL’s first purchase of the sweet variety from the US.The deal made IOC the first state-run refinery in India to buy US crude.

It could also deal a blow to Nigeria whose number one crude oil export destination is India. 

India’s IOC buys some 8 million tons of crude oil from Nigeria; most of it light sweet and they are bought from spot markets where prices are subject to extreme volatility.


0 comments:

Post a Comment

Translate

 
Copyright © 2014 Latest News in Nigeria Today & Latest Nigeria Entertainment News • All Rights Reserved.
Template Design by BTDesigner Published.. Blogger Templates • Powered by Blogger
back to top