Saturday, December 10, 2022
For any kind of suggestion or query feel free to mail us at hello@globaldaily.in   Your online source for any kind of news   Welcome to Global Daily

russia: ‘Russia jumps to 4th position as oil supplier to India’ – Times of India


NEW DELHI: Russia became the fourth-largest oil supplier to India in April, with volumes set to rise further in coming months as low prices spur demand from the world’s No. 3 oil consumer and importer, tanker tracking data showed.
Russia’s share in India’s oil purchases rose to a record 6%, about 277,000 barrels per day (bpd) in April, up from about 66,000 bpd in March, when it was in 10th position, according to the data, which was supplied by trade sources.
Indian Oil Corp, the country’s top refiner, bought its first-ever Russian Arco oil cargo last month.
Western sanctions against Russia for its invasion of Ukraine has opened a rare arbitrage flow, prompting Indian refiners to increase buying of cheaper Russian oil shunned by many Western countries and companies.
“Prices of Russian Urals crude fell sharply due to sanctions against Russia while Kazakhstan’s CPC blend crude came under pressure as it is loaded from a Russian port,” said Ehsan Ul Haq, analyst with Refinitiv.
Indians had bought stranded Russian oil while some European buyers had bought higher volumes of African and US oil, he said.
The share of African oil in India’s overall oil imports declined to about 6% in April from 14.5% in March, while that of US almost halved to 3%.
Grades from Azerbaijan, Russia and Kazakhstan together accounted for about 11% of India’s imported oil in April, compared with about 3% in March. The share of Middle Eastern oil rose to 71% from 68%.
India’s oil imports from Russia are set to rise further to about 487,500 in May, since refiners have ramped up purchases from Russia, preliminary data from Refinitiv flows show.
Last month, Iraq continued to the top oil supplier to India, followed by Saudi Arabia and the United Arab Emirates.
In April, Indian refiners shipped in 4.7 million bpd of oil, up 6.9% from the previous month and about 11.6% higher than a year earlier, when a second Covid-19 wave hit local oil demand.
India’s oil imports in April were high as refiners raised runs to meet local demand and gain from robust refining margins, Haq said.
“Also the companies got Russian grades at very tempting rates and they had to lift committed volumes under term contract with Middle Eastern producers,” Haq said.
The higher imports from Russia dragged down OPEC’s share of foreign supplies to India in April.





Source

Hits: 0

Leave a Reply

Your email address will not be published. Required fields are marked *

50 ÷ 10 =

Related Posts

Recent Posts

CBSE 2023 Board Exams: CBSE releases subject wise marks breakup for 10th, 12th students – Times of India
CBSE 2023 Board Exams: CBSE releases subject wise marks breakup for 10th, 12th students - Times of India
Russian President Putin Likely to Attend G20 Leadership Summit in New Delhi in September 2023
Russian President Putin Likely to Attend G20 Leadership Summit in New Delhi in September 2023
Wordle 539 answer for December 10: Wordle 539 hints, clues, and answer for today – Times of India
Wordle 539 answer for December 10: Wordle 539 hints, clues, and answer for today - Times of India
Suryoday Small Finance Bank Hikes FD Rates for Senior Citizens; Check Revised Rates Here
Suryoday Small Finance Bank Hikes FD Rates for Senior Citizens; Check Revised Rates Here
Argentina beat Netherlands on penalties to reach FIFA World Cup semis
Argentina beat Netherlands on penalties to reach FIFA World Cup semis
11 Children, 11 Hours: How Doctors in Mumbai Treated Congenital Heart Disease in Back-to-back Surgeries
11 Children, 11 Hours: How Doctors in Mumbai Treated Congenital Heart Disease in Back-to-back Surgeries
Alia Bhatt, Hansika Motwani, Nayanthara: Best bridal looks of 2022
Alia Bhatt, Hansika Motwani, Nayanthara: Best bridal looks of 2022
Coin Master: December 10, 2022 Free Spins and Coins link – Times of India
Coin Master: December 10, 2022 Free Spins and Coins link - Times of India
Neymar unsure of playing for Brazil again after painful FIFA World Cup exit | Football News – Times of India
Neymar unsure of playing for Brazil again after painful FIFA World Cup exit | Football News - Times of India
Trio representing 3 nations at centre of Ukraine war to receive Nobel Peace Prize today – Times of India
Trio representing 3 nations at centre of Ukraine war to receive Nobel Peace Prize today - Times of India

Archives

Categories

Tags

PHP Code Snippets Powered By : XYZScripts.com