India’s crude oil imports in April hit a report excessive as refiners turned to West Asia and Russia. In response to S&P International Market Intelligence, India’s seaborne crude import surpassed 4.8 million barrels per day in April, out of which 5% was from Russia, up from under 1% in 2021 and Q1 2022.
Increased “Mideast and Russian volumes” displaced “cargoes from additional afield, such because the US, Canada and West Africa”, S&P International mentioned in a report.
Iraq remained the highest provider, with a mixed 1.2 million barrels a day. Robust West Asia arrivals offset volumes from West Africa and the US, it added. A powerful Brent-Dubai exchange-of-futures-for-swaps within the begin of the 12 months because of surging Brent futures prompted refiners from India to show in direction of Dubai-pegged crudes from the Center East, which rose to a report 73% in April, from 69% in March and 67% in February, it mentioned.
As of 9 Might, virtually 10 million barrels of crude from Russia, together with 970,000 barrels of Kazakhstan’s CPC Mix, arrived in India in April, it mentioned. One other 16 vessels with 13 million barrels are anticipated to reach inside 4 weeks. This consists of one cargo every of CPC Mix and Siberian Gentle and the remaining comprising Urals, iit added.
“A rebound in home demand in addition to stronger oil product exports doubtless spurred India’s crude import volumes. Refiners have been extremely interested in reductions for Russian-origin cargoes and India has been a serious various vacation spot for Urals crude that will usually have been bought to refiners in Europe,” Yen Ling Music, affiliate director, S&P International Market Intelligence, mentioned.
Supply: Live Mint