India's Nayara says Iran, Venezuela supply cut tightens heavy oil market
Updated : September 10, 2019 02:27 PM IST
India's Nayara Energy Ltd, part-owned by a consortium led by Russian oil major Rosneft, is scouting for ultra-heavy oil amid tightening supply following US sanctions against Iran and Venezuela, its vice-president said on Tuesday.
"Iran and Venezuela have taken 3.5 million barrels per day (bpd) out of the market," said Ashutosh S Deshpande, referring to the impact of sanctions restricting supplies from those countries in comments during a panel session at the Asia Pacific Petroleum Conference (APPEC) in Singapore.
Nayara operates a 400,000 barrels per day (bpd) refinery at Vadinar in India's west coast.