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Iran cut sales for August to pressure Indian refiners

July 26/2011

(Arabian Oil and Gas) -- Iran cut sales for August to pressure Indian refiners into settling USD 5 billion in debts for oil supplied, after New Delhi failed to find a way around US and UN sanctions that make financing deals with Tehran difficult, Reuters said. Saudi Arabia has struck a deal to sell three million barrels of oil to India, filling a void left by Iran after it cut supplies due to a payment dispute, according to a Reuters report.

A Saudi government advisor has told Reuters that the Kingdom was not looking to seize Irans market share, but neither would it look the other way.

Opposition led by Iran at an Organisation of Petroleum Exporting Countries meeting in June defeated a Saudi proposal for a coordinated supply.

Sources at Indian refiners Hindustan Petroleum, Bharat Petroleum and Essar Oil said that state oil giant Aramco had confirmed it would supply each of them with an additional 1 million barrels of crude in August.

Indian buyers reached out to Saudi Aramco last week to request additional oil to plug the gap from Iran, giving Riyadh an opportunity to grab a bigger share of the market in Asia's third-largest oil consumer.

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