India’s Top Refiner Declares Force Majeure On Oil Imports From Saudi Arabia

Indian Oil Corp (IOC), the country’s biggest refiner and fuel retailer, has declared a force majeure on oil imports from some of its top oil suppliers, including Saudi Arabia, which has been promising a supply surge as of today in the price war it leads with Russia. After India – population 1.3 billion people – went into a nationwide lockdown, IOC slashed refinery runs and declared a force majeure on imports from four key Middle Eastern suppliers—Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates (UAE), India’s…