Mideast share of Nov Indian oil imports at 16-mth high, African grades slip
The share of Middle Eastern oil in India’s overall crude imports rebounded to a 16-month high in November as refiners shunned costly Brent-linked long haul grades, tanker arrival data obtained from trade sources showed.
Imports of Middle Eastern oil by the world’s third biggest oil importer and consumer surged to 3.07 million barrels per day (bpd), the most in 11 months and about 71.1% of country’s overall oil imports, the data showed.
On the other hand, the share of African oil plunged to a 16-month low of around 9.7%, or about 419,000 bpd, the data showed.
India’s oil imports totalled 4.32 million bpd oil in November, up 6.4% from October and 9.2% from a year earlier, the data showed, as refiners cranked up runs to meet rising fuel demand amid a recovery in refined fuel cracks.
