Skip to main content

India's binge on Russian oil hits Middle East

India's binge on Russian oil hits Middle East

According to data from trade and shipping sources, India's imports of Middle Eastern oil hit a 19-month low in September, while imports from Russia increased despite processing disruptions that reduced overall crude imports.

According to the data, Iraq continued to be the top provider, but Russia surpassed Saudi Arabia as the second-largest supplier after a month-long gap.

The maintenance at refiners like Reliance Industries and Indian Oil Corp caused India's overall oil imports in September to drop to a 14-month low of 3.91 million barrels per day (bpd), down 5.6% from a year earlier, according to the statistics.

According to the report, India's imports from the Middle East decreased by 16.2% from August to nearly 2.2 million bpd while imports from Russia grew by 4.6% to roughly 896,000 bpd.

According to the data, the Middle East's share of India's oil imports fell to 56.4% from 59% while Russia's share increased to an all-time high of 23% from 19% the previous month. The percentage of Caspian Sea oil increased from 24.6% to 28%, primarily coming from Kazakhstan, Russia, and Azerbaijan.

India has overtaken China as Russia's second-largest oil consumer, taking advantage of lower pricing as some Western companies avoid dealing with Moscow due to its invasion of Ukraine.

According to a source at one of India's state refiners, "The discount on Russian oil has narrowed recently, but when you compare its landed cost with other grades, such as those from the Middle East, Russian oil turned out to be cheaper."

The report indicated that although imports from Iraq fell to 948,400 bpd, their lowest level in a year, imports for Saudi Arabia plunged to a three-month low of roughly 758,000 bpd, down 12.3% from August.

United Arab Emirates imports decreased to a 16-month low of roughly 262,000 bpd.

Increased consumption of Caspian Sea oil has decreased OPEC's market share in India, the world's third-largest importer and consumer of oil, to its lowest level ever between April and September, the first half of the fiscal year.

Indian refiners decreased their purchases of African oil, which they primarily purchased on the spot market, in the first half of the current fiscal year. However, when the second wave of the coronavirus reduced fuel demand last year, Middle Eastern supplies increased from a low base.


Labels:

Comments

Post a Comment

Popular posts from this blog

Bangladesh Military Expresses Discontent Over Chinese Weapons; Reports 'Sub-Standard' and Faulty Parts

  Bangladesh, a traditional buyer of Chinese military equipment, has raised grievances with Beijing regarding the delivery of defective components and technical malfunctions in its imported military hardware. This issue is not unique to Bangladesh, as other nations like Myanmar have also encountered problems with Chinese fighter jets, according to an ET report. Experts in the Chinese defense industry argue that Beijing lacks the expertise to manufacture highly sophisticated military hardware and is not yet considered a top-tier producer of modern defense equipment. They claim that much of China's weapon systems are based on outdated technology copied from the West. Developing countries often opt for Chinese weapons due to their lower cost compared to similar systems from Western countries. China sells arms through state-run export organizations like the Aviation Industry Corporation of China (AVIC), NORINCO, and CVIC. Sources familiar with the matter told ET that the Bangladesh mil...
Post a Comment
Read more

India raises concern over North Korea missile tests at UNSC, 2nd time in weeks

 As the United Nations Security Council (UNSC) met for the second time in a month over the missile tests in North Korea, India yet again raised concerns over the impact on peace and security in the region. New Delhi has also reiterated its support for the denuclearisation in the Korean peninsula, underlining that it is “in collective interest” while also stressing that “dialogue and diplomacy” are preferred means to resolve the issue. The latest intercontinental ballistic missile (ICBM) test by the DPRK (Democratic People's Republic of Korea) has again sparked tensions between nations with the United States and its allies calling for the country to limit its programs even as Russia and China back Pyongyang amid the likelihood of new sanctions. In the latest UNSC meeting, the United States, Britain, France, and India were among 14 nations to "strongly condemn" the latest North Korea launch on Friday, which was reported to have landed about 125 miles (200 kilometers) from ...
Post a Comment
Read more

North Korea Celebrates 'New Era of a Space Power' after Satellite Launch

  In a significant development, North Korea recently celebrated what it termed a 'new era of a space power' following the successful launch of a satellite. The reclusive nation's space endeavors have long been a source of international concern and scrutiny, raising questions about its technological capabilities and intentions. This latest achievement has reignited debates and speculation about North Korea's space ambitions. The satellite launch, conducted by North Korea's space agency, comes amid a backdrop of geopolitical tensions and global attention on the Korean Peninsula. The state media hailed the event as a major milestone, highlighting the successful deployment of the satellite into orbit. However, it is important to note that the international community remains skeptical, with concerns over the dual-use nature of space technology that could potentially be applied to ballistic missile systems. North Korea's pursuit of space capabilities has been a conten...
Post a Comment
Read more