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OPEC deal sends Indian refiners scouting for deals elsewhere
Apr 12:   After the OPEC deal to cut output, the Middle East crude has moved higher as the market priced in the prospect of cuts in term supply from OPEC producers.
8In the meantime, the narrow EFS spread and cheap freight has made long haul Brent related crude grades attractive to Asian refiners and this has led to a surge of Atlantic basin crudes making the voyage eastwards to refineries across Asia, ranging from China to Japan to Thailand and to India.
8Since the beginning of the year Asian refineries have been looking at a wider range of crudes to run as they seek to diversify their supplies and reduce the impact of OPEC related production cuts.
8Two of India's largest refiners, Reliance and state-owned Indian Oil Corp., have also been looking at Russian Urals crude as the key export grade shows signs of competing with some Middle Eastern sour barrels.
8Recently, IOC branched out and bought a 1 million-barrel cargo of the eastern Canadian Hibernia crude into its April-May tender. The cargo is only the second shipment of eastern Canadian crude to make the trip to India, with the previous one in November 2013.
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