Reliance to sell some April-loading crude cargoes in a rare move: Report
In a rare move, Reliance Industries is seeking to sell some its April-loading crude oil cargoes from Middle East as it plans to cut crude processing after the coronavirus pandemic hit global fuel demand, sources told Reuters on Friday.
The move comes as refiners across the world are considering deeper run cuts as their plants witness heavy losses, mostly because of the measures taken by governments to prevent the virus from spreading have slashed fuel consumption.
Mukesh Ambani’s Reliance has offered various grades of Middle East crude for sale in Asia’s spot market, including grades such as Abu Dhabi’s Murban crude and Qatar’s al-Shaheen crude, the sources said.
