Indian oil refiners benefit as Gulf battles for buyers

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Mideast producers enjoyed decades of dominance supplying Asia (AP) Mideast producers enjoyed decades of dominance supplying Asia (AP)
SummaryMideast producers enjoyed decades of dominance supplying Asia

so they need to fight for market share."

SAVINGS

The flip side of the competition between Middle East exporters is that Asian refiners are benefiting from cheaper oil bills.

Iraq and Kuwait have offered to extend the payment period for crude to 60 days from 30 days. That extra month of credit could save Indian refiners, for example, close to $300,000 a day on the nearly 1 million bpd of Iraqi and Kuwait crude they buy, one Indian refining source said.

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