The share of Canada and the United States of America in India’s January oil imports surged to a record 11% while that of the Middle East and South America declined, data obtained from sources showed.<\/p>\n
Asia’s third-largest economy imported about 4.8 million barrels per day (bpd) oil in January, a decline of 6% from the previous month and marginally higher than a year earlier.<\/p>\n
India’s imports from Canada and the United States almost doubled from December to 142,000 bpd and 367,000 bpd, respectively. The United States emerged as the fourth-biggest supplier to India after the United Arab Emirates.<\/p>\n
“Demand for gasoline in India recovered at a faster pace than other products and North American grades are gasoline-rich,” said Ehsan Ul-Haq, lead analyst for Oil Research and Forecasts at Refinitiv, adding that most Middle Eastern grades were distillate-rich.<\/p>\n
“Crude from America was cheap compared to other producing regions in November while Canadian oil is sold at a deeper discount to Brent.”<\/p>\n
India, the world’s third-biggest oil importer and consumer, ships in more than 80% of its crude needs and relies heavily on the Middle East.<\/p>\n
However, its reliance on the Middle East is declining as refiners are diversifying crude sources to hedge against disruption and buy cheaper barrels from elsewhere to boost margins.<\/p>\n
The share of Middle Eastern oil in India’s oil imports last month plunged to an eight-month low of about 61% on low supplies from Iraq and Saudi Arabia, while that of Latin America declined to a six-month low of about 6.4%.<\/p>\n
Iraq has cut annual oil supply deals for Indian refiners for 2021. Saudi supplies during the month declined by 20% from December.<\/p>\n
Despite lower imports, Iraq continued to be the top oil seller to India last month followed by Saudi Arabia.<\/p>\n
Low supplies from the Middle East and South America dragged the share of OPEC nations in India’s overall oil imports to a record low in April-January.<\/p>\n","protected":false},"excerpt":{"rendered":"
The share of Canada and the United States of America in India’s January oil imports surged to a record 11% while that of the Middle East and South America declined, data obtained from sources showed. Asia’s third-largest economy imported about 4.8 million barrels per day (bpd) oil in January, a decline of 6% from the previous month and marginally higher than a year earlier. India’s imports from Canada and the United States almost doubled from December to 142,000 bpd and 367,000 bpd, respectively. The United States emerged as the fourth-biggest supplier to India after the United Arab Emirates. “Demand for […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-401614","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/401614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=401614"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/401614\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=401614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=401614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=401614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}