Informed sources reported that Kuwait has extended contracts to supply oil to Indian refiners by three months until March 2022 due to the delay in operating the Al-Zour refinery, which has a capacity of 615,000 barrels per day.
This year, Kuwait reduced an annual oil supply agreement with Indian refiners to nine months ending in December.
Sources said that the Kuwait Petroleum Corporation informed buyers in India that their contracts will be extended until March 2022.
The sources did not say when the new Kuwaiti refinery would start operating. The Kuwait Petroleum Corporation did not respond to a request for comment.
Trade data showed that India, the third largest importer and consumer of oil in the world, imported about 382,000 barrels per day from Kuwait in November, the highest level since March 2015.
The data showed that India’s oil imports from Kuwait rose in the period from March to November 2021 by about 45%, to 253,000 barrels per day, compared to the same period a year ago.
