India Seeks Alternative Crude Pricing From Middle East as Shipping Costs Soar

The biggest Indian state refiners have asked one Middle Eastern exporter to offer alternative price quotes for its crude as India is scrambling for the cheapest possible supply amid soaring oil and shipping prices after the U.S. sanctions on Russia’s oil trade. Indian Oil Corporation, Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Ltd (BPCL) have asked Abu Dhabi’s state giant ADNOC to provide pricing on a delivered-at-port (DAP) basis, in addition to the free-on-board (FOB) basis, which the exporters…