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India’s import of crude oil touches record high in April

By Rituraj Baruah
Iraq remained the top supplier, with a combined 1.2 million barrels a day. (REUTERS)

Higher “Mideast and Russian volumes" displaced “cargoes from further afield, such as the US, Canada and West Africa", S&P Global said in a report.

Iraq remained the top supplier, with a combined 1.2 million barrels a day. Strong West Asia arrivals offset volumes from West Africa and the US, it added. A strong Brent-Dubai exchange-of-futures-for-swaps in the start of the year due to surging Brent futures prompted refiners from India to turn towards Dubai-pegged crudes from the Middle East, which rose to a record 73% in April, from 69% in March and 67% in February, it said.

As of 9 May, almost 10 million barrels of crude from Russia, including 970,000 barrels of Kazakhstan’s CPC Blend, arrived in India in April, it said. Another 16 vessels with 13 million barrels are expected to arrive within four weeks. This includes one cargo each of CPC Blend and Siberian Light and the remaining comprising Urals, iit added.

“A rebound in domestic demand as well as stronger oil product exports likely spurred India’s crude import volumes. Refiners were highly attracted to discounts for Russian-origin cargoes and India has been a major alternative destination for Urals crude that would typically have been sold to refiners in Europe," Yen Ling Song, associate director, S&P Global Market Intelligence, said.

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Dive Deeper:
India’s crude imports hit record high in April on supplies from Middle-East, Russia
According to S&P Global Market Intelligence, India’s seaborne crude oil imports surpassed 4.8 million barrels per day in April
EU oil embargo would push Russian crude output to 18-year low, IEA says
Bloc’s plans could drive down Russian supply by 3 million barrels a day, according to agency
Asian shares bounce back, shrugging off inflation concerns
Asian shares have bounced back after losses earlier in the week, shrugging off the latest data showing U.S. wholesale prices…
OPEC Authorizes Iraq to Increase Output to 4.5 Mln Bpd
Iraq’s representative at OPEC said the organization had agreed to the country increasing its output to 4.5 million barrels of…
One subscription that gives you access to news from hundreds of sites
Hungary says its backing of EU's Russia oil ban hinges on hundreds of millions of dollars
Hungary upped the stakes in talks about European Union oil sanctions on Wednesday, saying a deal was out of reach…
A Peek Into The Markets: US Stock Futures Higher; Crude Oil Surges Over 1%
Pre-open movers
Get all your news in one place