Lloyd’s List: Iranian Oil Supply Loss Strengthens New Delhi’s ties with Brazil

“India’s spot market crude oil imports have rocketed in the past 10 years as the nation ramps up its refining capacity, in a development that allows tankers to triangulate, picking up cargoes from more suppliers. pot fixture volumes hit close to 110m tonnes in 2011, up from around 65m in 2002. The main driver for the huge rise is the doubling of crude oil capacity at Reliance Industries’ Jamangar plant to 1.2m barrels per day. As it boosts oil imports, India is diversifying its suppliers to include West Africa, Mexico, Venezuela and Brazil, increasingly important sources of crude to India, according to shipbroker Poten and Lloyd’s List Intelligence.”