Russia: Russia ranks fourth as oil supplier to India

New Delhi: Russia Tanker tracking data shows that India became the fourth largest oil supplier in April as lower prices boosted demand from the world’s No. 3 oil consumers and importers.
Russia’s share of India’s oil purchases rose to a record 6%, from about 277,000 barrels per day (bpd) in April, to about 66,000 bpd in March, when it was in 10th place, according to data provided by trade sources. .
Indian Oil Corp, the country’s top refiner, bought its first Russian Arco oil cargo last month.
Western sanctions against Russia over its invasion of Ukraine have opened a rare arbitrage flow, prompting Indian refiners to increase cheap purchases. Russian oil Removed by many western countries and companies.
Ehsan-ul-Haq, an analyst at Refinitive, said sanctions against Russia had led to a sharp fall in the price of Russian Ural crude, while Kazakhstan’s CPC blended crude came under pressure as it loaded from Russian ports.
Indians bought trapped Russian oil while some European buyers bought large quantities of African and US oil, he said.
The share of African oil in India’s overall oil imports fell from 14.5% in March to about 6% in April, while the share of the US fell by almost half to 3%.
Grades from Azerbaijan, Russia and Kazakhstan together accounted for about 11% of India’s imported oil in April, up from about 3% in March. The share of Middle Eastern oil increased from 68% to 71%.
India’s oil imports from Russia are set to rise to about 487,500 in May, as refiners have increased purchases from Russia, according to preliminary data from Refinitive Flows.
Last month, Iraq continued to be India’s largest oil supplier, followed by Saudi Arabia and the United Arab Emirates.
In April, Indian refiners shipped 4.7 million bpd of oil, up 6.9% from the previous month and about 11.6% higher than a year earlier, while another Kovid-19 wave affected domestic oil demand.
India’s oil imports were higher in April as refiners stepped up to meet domestic demand and benefit from strong refining margins, Haque said.
“Companies obtained Russian grades at a very attractive rate and had to withdraw the volumes committed under term contracts with Middle Eastern manufacturers,” Haque said.
OPEC’s share of India’s foreign supply fell in April due to over-imports from Russia.


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