Reuters reported that India's Hindustan Petroleum Corporation Limited will ask Saudi Arabia for extra crude in August, following others in the energy hungry Asian giant who has grasped the OPEC member's offer to boost supply.

Three refiners asked for an extra 2.6 million to 2.7 million barrels for July from Saudi Arabia which decided to offer the extra oil unilaterally after OPEC last month failed to agree any new output deal.

The source said that during the rainy season our consumption of Arab Extra Light goes up at the Mumbai refinery because it gives a higher volume of fuel oil. Demand for asphalt declines during the time. HPCL's annual deal with Saudi Arabia is for 35,000 barrels per day of crude.

He said that Saudi state company Aramco has already cut prices of its crude to Asian clients for August. If they have cut the prices, we would like to have more.

(Sourced from Reuters)