Finally, Canada’s largest oil company has gotten its dealer after the unveiling of the investment for Asian countries to receive Canadian oil. Indian Oil Corp has been pursuing this project for a while now, and they indeed seasoned with joy as they bagged the deal thereby becoming India’s number one refiner to buy light sweet Hibernia crude.
The decision to create an open investment for the Asian countries originated after the Organization of the Petroleum Exporting Countries (OPEC) decided to cut down output thereby boosting Dubai against sapping regional markers. This way, oil from all parts of America and Europe can be shipped all the way down to Asia at reasonable price.
A good evidence of this is the production level of North America’s oil business; since after OPEC and non-OPEC countries pushed oil prices to $50 per barrel, North America led by US shale have been able to grow in their production level.
According to Sneh Seetal, spokeswoman of Suncor Energy, she stated that this is the first time the company has sold a cargo of offshore Canadian crude to IOC, to be precise about 1 million cargo of Hibernia crude was sold to IOC on a free carriage basis, and apparently IOC purchased a cargo from Canadian White Rose oil in November 2013 after they received liberty from the government to craft out their own strategies on how to make profit. To add to this, they’ve also acquired their first Russian crude cargo in just the same year.
As for Suncor cargo, they were able to make sales after The Stena Suede and the Jag Lalit, both Suezmaxes vessels carrying Atlantic Canadian crude got gauged at Whiffen Head terminal, Newfoundland. Husky energy was in fact one of the carriers of the cargo who sold off theirs to PetroChina.