Pressure on Indian Company Nayara Energy, Saudi and Iraqi Oil Supply Suspended

Pressure on Indian Company Nayara Energy, Saudi and Iraqi Oil Supply Suspended

FILE PHOTO

Karachi: India’s leading energy company Nayara is currently facing a major crisis as both Saudi Arabia and Iraq have stopped its crude oil supply. According to the international news agency, the Saudi state-owned company Aramco and the Iraqi oil marketing company Sumo took this step after the European Union imposed new sanctions on Russian-backed companies.

According to sources, Nayara Energy has not received oil from any Arab country since July. In August, the company had to rely entirely on Russian crude to meet its needs.

The Indian refinery normally imports 2 million barrels of Iraqi oil and 1 million barrels of Saudi oil per month. This supply was completely cut off in August after the sanctions.

Experts say that in these circumstances, Nayara’s refinery in Vadinar, Gujarat is operating at only 70-80% capacity. This situation has increased pressure not only on the supply chain but also on the availability of fuel in the Indian market.

Leave a Reply

Your email address will not be published. Required fields are marked *