Oil producers, however, are expected to seek a premium for the additional supplies which will roil the market further amid geo-political tensions. “There would be no supply disruptions because of the US move… prices would be higher,” they added. The last official consignment of crude, which was loaded last month, will arrive in the next few days. Bharat Petroleum Corp (BPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have tapped Iraq to make up for the loss in Iranian oil. Oil imports from the US have shot up significantly to 6 million tones (mt) in 2018-19 compared with 1.4mt in 2017-18.

Source: The Telegraph May 07, 2019 19:18 UTC