IOC declares force majeure on oil purchases from Saudi, UAE, Iraq, Kuwait
New Delhi: India’s top oil firm IOCNSE -3.31 % has declared force majeure on crude purchases from four of its biggest suppliers – Saudi Arabia, Iraq, UAE and Kuwait – as refinery run rates have been cut down in view of plummeting fuel demand following a nationwide lockdown. Sources said IOC has asked the four suppliers to defer some of the volumes they were to deliver in April.
The company has reduced processing at its refineries by at least one-fourth as shutting down of businesses, suspension of flights and most vehicles staying off road due to the 21-day nationwide lockdown has led to drastic fall in demand.
