India's refiners getting rare oil cheap as China demand slows
NEW DELHI/SINGAPORE: Indian refining companies are snapping up rare crude grades as the coronavirus outbreak curtails China’s demand for processing, executives and traders said, with prices for some grades falling by as much as 15%.
Chinese refiners have slashed output by at least 1.5 million barrels a day in February, or over 10 per cent, after the virus outbreak hit domestic fuel demand, leading to swelling stocks.
“Opportunity for Indian markets is more in the context of what is happening in China and in recent times we received crudes which are appearing to be attractive as compared to their value earlier,” said R Ramachandran, head of refineries at Bharat Petroleum Corp.
Refiners in India, the world’s third-biggest oil importer, rarely get the opportunity to buy suitable grades from areas like the Mediterranean and Latin America due to higher freight rates.
However, shipping rates have plunged by nearly half since the virus outbreak, and after the US partially lifted sanctions on part of Chinese shipping firm COSCO.
译文来源：三泰虎 http://www.santaihu.com/49396.html 译者：Jessica.Wu
rinkuu • 8 hours ago
oil prices are declining hope the impact of oil price decline will pass onto the consumers
aaaa bbbb• 8 hours ago
This is Modi go nment! Don't expect such things even in dreams!
yed Tanvir Ali • Howrah • 8 hours ago
Keep big stock when cheap oil available.
aaaa bbbb• 2 hours ago
India doesn't have strategic reserves of more than 10 days!. We have to build capacity like US which stores a years reserves!
Raju Kanojia • Faridabad • 7 hours ago
Hope it is cheap for the public too.
aaaa bbbb • 8 hours ago
No use for the general population of this country!. Modi go nment will never allow the retail prices to come down!!
Antony Thomas Panachickal • 8 hours ago
We have cheap petrol since long time,it will be so cheap again
Priya Saxena • 6 hours ago
Pass the benefit on to the consumers
Krishnaswamy • Delhi • 7 hours ago
Make hay while the sun shines...pass on the benefits to public
Rikin Shah • Mumbai • 7 hours ago
Irrespective of go nment getting oil at cheaper rate still we will pay the same amount that we have been paying.
Srinivasa Raghavan • 8 hours ago
Good for india. Now we should focus on storing crude oil locally. Increase the reserve so that when price goes up, stored reserve can be used as cushion
chanakya • Mumbai • 6 hours ago
They will buy cheap but will not sell cheap. But when the price increases, they will increase the selling price quickly. All these companies work only for profit
J • 6 hours ago
Oil prices will not be transferred to customers because it's main source of revenue for the go nment.
Saswati • 7 hours ago
Every coin has it's two sides, as the corona virus outbreak curtails China’s demand we may take the advantage.
ishwa Kumar • 3 hours ago
hope now at least fuel price gets reduced
Devinder • 6 hours ago
IMPORT AS MUCH OIL AS WE CAN STORE NOW
aaaa bbbb• 2 hours ago
Where to store!?
Hemanshu Kothari • 6 hours ago
Good news, store the oil at cheap price
Wake Up India • 7 hours ago
CORONAVIRUS IS GOOD FOR INDIA. LONG LIVE CORONAVIRUS
Balachandramenon Vengasserry • Alappuzha • 7 hours ago
Indian oil companies shall fully utilise this opportunity to store maximum. Also a part of profit shall pass on to general public also.
TRUTH BE TOLD • You can't handle the Truth!!! • 7 hours ago
Only thing Indians care about it how cheap it is.
Aam Aadmi • 7 hours ago
One do not know how crona virus will pan out in future...! Oil prices may come down further due to economic slowdown . Close watch is necessary !
Mark • 7 hours ago
We should start exploring the renewable rather than celebrating cheap oil prices which are going to increase eventually.
Chakradhara Behera • 7 hours ago
Govt won't pass on benefits to common man.
Pramod Kumar • 7 hours ago
one.s loss is other's gain, exploit i