Just one Indian refiner has agreed to buy additional crude oil supply from Saudi Arabia to compensate for the loss of Iranian barrels, as India’s firms have been looking for months to diversify their crude sources and as the Kingdom raised its prices to Asia to take advantage of the supply crunch. Mangalore Refinery and Petrochemicals (MRPL) is the only Indian refiner out of four state-held companies that had bought Iranian oil under the sanction waivers to have taken up the Saudi offer for additional crude supplies, and will lift around…
