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Reuters – June 13, 2022
NEW DELHI, June 13 (Reuters) – Russia rose to turn into India’s second largest provider of oil in Might, pushing Saudi Arabia into third place however nonetheless behind Iraq which stays No. 1, information from commerce sources confirmed.
In Might Indian refiners acquired about 819,000 barrels per day (bpd) Russian oil, the best up to now in any month, in comparison with about 277,00 in April, the info confirmed.
Western sanctions in opposition to Russia for its invasion of Ukraine prompted many oil importers to shun commerce with Moscow, pushing spot costs for Russian crude to file reductions in opposition to different grades.
That offered Indian refiners, which not often used to purchase Russian oil on account of excessive freight prices, a chance to snap up low-priced crude.
Russian grades accounted for about 16.5% of India’s general oil imports in Might, and helped elevate the share of oil from the C.I.S. international locations to about 20.5%, whereas that from the Center East declined to about 59.5% %, the info confirmed.
The share of African oil in India’s crude imports final month surged to 11.5% from 5.9% in April, the info confirmed.
“Diesel is asking the tune … if you wish to increase manufacturing of diesel and jet gas then you definitely want Nigerian and Angolan grades. China has minimize imports of Angolan grades due to COVID-related shutdowns so a few of these barrels are going to Europe and a few to India,” stated Ehsan Ul Haq, analyst with Refinitiv.
He stated other than availability of cheaper Russian barrels, increased official promoting costs of Center Japanese oil additionally pushed Indian refiners to purchase Nigerian crude.
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