Economy

Saudi Aramco offers alternative crude oil grade to Indian Oil Corporation

Updated : September 17, 2019 02:19 PM IST

Saudi Aramco has offered Indian Oil Corporation Arab Heavy crude oil instead of Arab Light following an attack on its oil facilities over the weekend.

IOC will receive full allocated volumes from Saudi Aramco in September and October.

This indicates that Saudi is offering heavy grade instead of light as Arab Mix is a combination of Arab light and heavy.

Saudi Aramco offers alternative crude oil grade to Indian Oil Corporation

Saudi Aramco has offered Indian Oil Corporation Arab Heavy crude oil instead of Arab Light following an attack on its oil facilities over the weekend, an industry source told Reuters on Tuesday.

IOC will receive full allocated volumes from Saudi Aramco in September and October, the source said, declining to be named as he was not authorised to speak with the media.

However Aramco has said they would give some volumes of Arab heavy instead of Arab mix oil, the source added. This indicates that Saudi is offering heavy grade instead of light as Arab Mix is a combination of Arab light and heavy.

No immediate comment was available from IOC.

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