IOC declares force majeure on oil purchases from Saudi, UAE, Iraq, Kuwait
IOC has reduced processing at its refineries by at least one-fourth as shutting down of businesses, suspension of flights and most vehicles staying off road due to the 21-day nationwide lockdown has led to drastic fall in demand. Sources said IOC has asked the four suppliers to defer some of the volumes they were to deliver in April.
The Economic Times
IOC declares force majeure on buying oil from 4 nations