India refiners getting rare oil cheap as China demand slows

NEW DELHI/SINGAPORE, Feb 24 (Reuters) - Refiners in India, the world’s third-biggest oil importers, are spoilt for choice to buy new and rare crude grades amid ample supplies after the spread of the coronavirus curtailed crude processing and demand from China.

Chinese refiners have slashed output by at least 1.5 million barrels a day in February after the virus outbreak hit China’s fuel demand and its crude and fuel inventories swelled up. However, some Chinese refiners are snapping up cheap crude supplies.

“Opportunity for Indian markets is more in the context of what is happening in China and in recent times we received crudes which are appearing to be attractive as compared to their value earlier,” said R. Ramachandran, head of refineries at Bharat Petroleum Corp. (Reporting by Nidhi Verma and Shu Zhang; Editing by Florence Tan and Muralikumar Anantharaman)