Coronavirus impact: India to gain as China struggles to take delivery of oil
Distressed oil supplies are being offered to India as the spread of the coronavirus crimps fuel consumption across China, prompting requests for cargo deferrals and cancellations by Asia’s no. 1 importer.
State-owned Bharat Petroleum Corp Ltd. received offers for supplies of crude from the Caspian Sea and South America for March loading, said R. Ramachandran, director of refineries at the company. The shipments, originally meant for Chinese refiners, were being shown at low prices, potentially yielding up to 15% more returns when processed, he said in a phone interview.
