IOCL declares force majeure on oil purchases from Saudi Arabia, UAE, Iraq, Kuwait

IOCL has declared force majeure on crude purchases from four of its biggest suppliers – Saudi Arabia, Iraq, the UAE and Kuwait – as refinery run rates have been cut in view of the plummeting fuel demand following the  nationwide lockdown. IOCL has asked the four suppliers to defer some of the volumes they were to deliver in April 2020. The company has reduced processing at its refineries by at least one-fourth as shutting down of businesses, suspension of flights and most vehicles staying off the road due to the nationwide lockdown has led to a drastic fall in demand. Besides IOCL, HPCL too has declared force majeure on Iraqi supplies.