Indian Oil Corp (IOC), the country’s biggest refiner and fuel retailer, has declared a force majeure on oil imports from some of its top oil suppliers, including Saudi Arabia, which has been promising a supply surge as of today in the price war it leads with Russia. After India – population 1.3 billion people – went into a nationwide lockdown, IOC slashed refinery runs and declared a force majeure on imports from four key Middle Eastern suppliers—Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates (UAE), India’s Economic Times reported on Wednesday, citing sources. The top Indian refiner has asked these four suppliers to defer some of the cargoes they were set to deliver to India in April after the country went last week into a three-week-long nationwide lockdown, and demand for transportation fuel, as well as demand from businesses, craters. Saudi Arabia has not responded to IOC’s request […]