Russia moves up to 4th position as India’s oil supplier – tanker data

A boy walks past a tanker train parked at a railway station in Ghaziabad, on the outskirts of New Delhi, India, February 1, 2019. REUTERS/Anushree Fadnavis/Files

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  • The share of oil from the United States and Africa has fallen
  • India’s oil imports up 6.9% in April from March
  • Russian Oil Imports Set To Climb To 487,500 Bpd – Flux Refinitiv

NEW DELHI, May 17 (Reuters) – Russia became India’s fourth-largest oil supplier in April, with volumes expected to rise further in the coming months as low prices boost demand from the world’s third-largest consumer and importer. oil, according to tanker tracking data. watch.

Russia’s share of India’s oil purchases hit a record 6%, or around 277,000 barrels per day (bpd) in April, from around 66,000 bpd in March, when it ranked 10th position, according to data provided by commercial sources. .

Indian Oil Corp. (IOC.NS), the country’s top refiner, bought its first-ever shipment of Russian Arco oil last month.

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Western sanctions against Russia for its invasion of Ukraine have opened a rare stream of arbitrage, prompting Indian refiners to increase their purchases of cheaper Russian oil, shunned by many Western countries and companies. Read more

“Prices of Russian Urals crude have fallen sharply due to sanctions against Russia, while CPC mixed crude from Kazakhstan has come under pressure as it is loaded from a Russian port,” Ehsan Ul Haq said. , an analyst at Refinitiv.

Indians had bought stalled Russian oil while some European buyers had bought larger volumes of African and American oil, he said.

The share of African oil in India’s total oil imports fell to around 6% in April from 14.5% in March, while that of the United States almost halved to 3%.

Grades from Azerbaijan, Russia and Kazakhstan together accounted for about 11% of oil imported by India in April, up from about 3% in March. The share of oil from the Middle East has increased from 68% to 71%.

Share of different regions in India’s oil imports Share of different regions in India’s monthly oil imports

India’s oil imports from Russia are expected to rise further to around 487,500 in May as refiners increased their purchases from Russia, according to preliminary flow data from Refinitiv.

Last month, Iraq remained India’s top oil supplier, followed by Saudi Arabia and the United Arab Emirates.

In April, Indian refiners shipped 4.7 million bpd of oil, up 6.9% from the previous month and about 11.6% more than a year earlier, when a second wave of COVID-19 has hit local oil demand.

India’s oil imports in April were strong as refiners increased speeds to meet local demand and take advantage of strong refining margins, Haq said.

“Additionally, companies got Russian grades at very tempting rates and they had to increase committed volumes under a forward contract with producers in the Middle East,” Haq said.

Rising imports from Russia led to a decline in OPEC’s share of foreign supplies to India in April.

India’s oil imports OPEC’s share of India’s oil imports drops to record low
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Reporting by Nidhi Verma; Editing by Florence Tan and Bradley Perrett

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