Saudi Aramco has promised to supply the fully allocated volumes of crude oil to three Indian refiners in October despite the drone attacks on its oil processing facilities but has asked at least one refiner — Indian Oil Corporation (IOC) — to accept a partial grade switch.
The IOC is the only state-owned refiner that can process the Arab heavy crude which has a higher sulphur content at some of its nine refineries.
Aramco informed the IOC —India’s largest oil refiner with a 32 per cent market share —that it would give it some volumes of Arab heavy instead of the lighter Arab mix oil.
