Aramco closes supply tap for Indian refiners, new oil barrels to cost more

Saudi Arabia has sold some spot cargoes to traders expected to deliver small volumes to Indian refiners through Hormuz. The risk-taking traders are likely to follow the same modus operandi they have used in recent weeks, buying Iraqi crude at a deep discount and moving it through the strait to the Gulf of Oman, where they transfer the cargoes ship-to-ship for onward delivery to Indian and other customers.