5 hrs ago
West Asian Crude Regains Ground in India’s Import Basket
India bought much more oil from West Asia in September.
Supplies from the region rose to 2.10 million barrels per day.
West Asian countries provided about 40% of India’s imported crude oil.
Iraq became the biggest West Asian supplier, followed closely by Saudi Arabia.
The United Arab Emirates, Kuwait and Oman were also major suppliers.
India bought less Russian oil than it did in August and July.
Analysts said Middle Eastern supplies improved while Russian shipments faced competition and infrastructure disruptions.
They said India could buy even more West Asian oil if concerns about penalties on Russian crude continue.
West Asian crude supplies to India rose 74% month-on-month to 2.10 million barrels per day in September.
West Asia supplied 39.5% of India’s 5.32 million-barrel-per-day crude imports, up from 26% in August.
Iraq, Saudi Arabia, the United Arab Emirates, Kuwait and Oman provided 94.9% of named West Asian supplies.
Russian crude imports fell 10% in September to 1.88 million barrels per day, down sharply from July’s peak.
Analysts linked the shift to stronger Middle Eastern availability, increased ship-to-ship activity and disruptions affecting Russian flows.
- Who
- India, West Asian oil suppliers and Russia were involved in the changes to India’s crude imports.
- What
- West Asian crude supplies to India increased substantially, while Russian crude imports declined.
- Where
- The crude was imported into India from West Asia and Russia.
- When
- The reported changes occurred in September, compared with August, July and earlier months.
- Why
- Middle Eastern supplies improved, while Russian flows eased amid stronger Chinese competition, infrastructure disruptions and possible concerns about punitive measures.
Key facts
- India’s September crude imports
- 5.32 million barrels per day
- West Asian supplies
- 2.10 million barrels per day, up 74% from August
- West Asia’s import share
- 39.5% in September, compared with 26% in August
- West Asia-linked and unidentified cargoes
- 2.75 million barrels per day, or 51.7% of India’s September imports
- Russian crude imports
- 1.88 million barrels per day in September, down 10% from August
- Largest West Asian supplier
- Iraq, at 538,000 barrels per day
- Five leading named West Asian suppliers
- Iraq, Saudi Arabia, the United Arab Emirates, Kuwait and Oman supplied 94.9% of named West Asian volumes
Quotes
Nikhil Dubey
Lead Analyst at Kpler
“Looking ahead, further improvement in ME availability could tilt India’s crude basket more towards ME barrels as refiners may drift away from Russian barrels, exercising greater caution against the backdrop of the risk of punitive measures linked to Russian crude purchases.”
financialexpress.com
“Increased STS activity has supported the Middle Eastern barrels slice in India’s crude basket, while Russian volumes have eased from their July peak amid stronger competition from Chinese buyers and disruptions to Russian infrastructure following drone strikes in August.”
financialexpress.com
Sources
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