March 12, 2020 / 4:50 AM / a month ago

India's Reliance buys 2 million barrels extra Saudi oil for April loading: trade sources

The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave/Files

NEW DELHI/SINGAPORE (Reuters) - India’s Reliance Industries Ltd, operator of the world’s biggest refining complex, has bought 2 million barrels of additional Saudi oil in a very large crude carrier for loading in April, trade sources said on Thursday.

No immediate comment was available from Reliance.

State-run Saudi Aramco, the world’s top oil exporter, has slashed its selling price for April and announced plans to raise output to a record 12.3 million barrels per day (bpd).

It was not immediately clear which crude Reliance will replace with the additional Saudi barrels. The refiner, one of the biggest buyers of Venezuelan oil, is preparing to wind down purchases from the Latin American nation from April under pressure from U.S. sanctions.

Reporting by Nidhi Verma; Editing by Muralikumar Anantharaman

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