COMPETITIVE · MARKET STRUCTURE · MIDDLE EAST
India's crude oil imports fall 23%
Change
India's crude oil imports fell 23% in the first 18 days of March compared with the same period in February as Gulf inflows contracted.
Why it matters
India received 81 million barrels of crude in the first 18 days of March, down from 105 million barrels in the same period in February. Middle East supplies to India declined to 22.4 million barrels during March 1–18 from 59.9 million barrels in the prior-month period. Russia supplied 34.3 million barrels in the first 18 days of March, about 44% of India's total imports during that period. Angola, Congo, Gabon and Sudan contributed 7.5 million, 1.9 million, 1.7 million and 0.7 million barrels respectively, while U.S. deliveries fell to about 3 million barrels so far in March.
Implications
- · Import mix shifted toward Russia and smaller African producers, increasing their share of arrivals.
- · Refiners increased purchases from Russia and boosted imports from smaller African producers to replace reduced Gulf volumes.
- · Shipping and tanker operators adjusted loadings and routes, including increased tankers loading at Yanbu for Saudi shipments.
Who is affected
- · Refiners and crude buyers
- · Shipping and tanker operators
- · Traders arranging alternative supplies
- · Logistics and supply planners
Source
Topics
Business & Markets Markets Supply Chain & Logistics Energy & Power Oil & Gas