New Delhi: Houthi terrorists continue to attack shipping vessels the Red Sea There has been no impact on the flow of crude oil For India but Cape of Good Hope, Hindustan Petroleum Corporation (HPCL) Chairman Pushp Kumar Joshi said.
India, the world’s third-largest oil importer, receives a large portion of its Russian supplies via the Red Sea. Russian supplies account for more than 35% of India’s total crude oil imports in 2023, at 1.7 million barrels per day.
Russian ships and cargo are not the main targets of attacks at this stage, however, as ships are being diverted around the southern tip of Africa instead of transiting through the Suez Canal and the Red Sea, resulting in longer voyages, resulting in shortages. Has occurred. Increase in shipping and freight charges.
In a post-third quarter earnings call with investors, Joshi said HPCL has limited crude supply till mid-April and it does not see any supply disruptions.
HPCL meets 44-45% of its crude oil needs through contracts with national oil companies like Saudi Arabia and Iraq. The remainder is on the spot or from the existing market, he said.
“There has been no impact on term crude (due to the Red Sea crisis),” he said, adding that spot imports are on DES basis where shipping is arranged by the supplier. “Even spot supply has not been affected.”
India, the world’s third-largest oil importer, receives a large portion of its Russian supplies via the Red Sea. Russian supplies account for more than 35% of India’s total crude oil imports in 2023, at 1.7 million barrels per day.
Russian ships and cargo are not the main targets of attacks at this stage, however, as ships are being diverted around the southern tip of Africa instead of transiting through the Suez Canal and the Red Sea, resulting in longer voyages, resulting in shortages. Has occurred. Increase in shipping and freight charges.
In a post-third quarter earnings call with investors, Joshi said HPCL has limited crude supply till mid-April and it does not see any supply disruptions.
HPCL meets 44-45% of its crude oil needs through contracts with national oil companies like Saudi Arabia and Iraq. The remainder is on the spot or from the existing market, he said.
“There has been no impact on term crude (due to the Red Sea crisis),” he said, adding that spot imports are on DES basis where shipping is arranged by the supplier. “Even spot supply has not been affected.”
