Page 5 - Indian Refineries News Today : Breaking News, Live Updates & Top Stories | Vimarsana

By Nidhi Verma
NEW DELHI (Reuters) - Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20% for 2021, industry sources said, in a rare move by OPEC s second-largest producer which is trying to meet its obligations under the group s production deal.
Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad s market share in the world s third largest oil importer and consumer.
Iraq s Oil Marketing Company (SOMO) has reduced the 2021 Basra term volumes to several Indian refiners by between 10% and 20%, the sources said.
SOMO did not immediately respond to a Reuters request for comment. ....

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