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Asia's oil markets are being upended as India's and China's refiners overtake once-dominant buyers likeJapan and challenge the United States as the world's biggest consumer. The shifts are not only establishing new trade routes but are also challenging the way oil is priced in the region as the new players push for more cash cargoes and fewer long-term deals. Read Full Article Over Here :  Business Standard News Read more from our special coverage on "OIL" Oil falls as OPEC squabbles over output targets, crude stocks swell Dont reimpose customs duty on crude: Oil firms Oil prices stabilise on lower US rig count, but global glut still weighs Oil story: theres a new world order to talk about at the Davos of energy Saudi, Iraq sell more oil to India, elbow out Latin America crudes

Chennai Petroleum Corp Ltd (CPCL) today said it has resumed full operations at its 11.5 million tonnes refineries near Chennai that had been shut down three weeks back due to heavy rains and water logging.  CPCL, a subsidiary of  Indian Oil Corp  (IOC), had shut its refineries in Manali and Nagapattinam, near Chennai, on December 2 and 6, respectively due to heavy rains and water logging. “The operations in the Crude Distillation Unit - II (CDU-II) and Fluidized Catalytic Cracking Unit (FCCU) of the Manali Refinery of CPCL resumed on December 22, 2015 and December 23, 2015, respectively,” the company said in a regulatory filing. While operations at Cauvery Basin Refinery at Nagapattinam resumed on December 14, the same at Manali refinery were restored on December 16. However, half of the Manali refinery hadn’t started on that date because the FCCU and CDU-II were not functional. CDU is the primary unit that processes crude oil while FCCU produces high-end fuels. M...