Kpler: India`s need for Russian oil increasing
Date
12/4/2023 8:13:39 AM
(MENAFN) India's appetite for Russian and Iraqi oil has seen a significant uptick, driven by the nation's refiners seeking more favorable deals amid surging demand, according to data from Kpler. In November, Russian oil imports to India surged by 9.7 percent to reach 1.74 million barrels per day (bpd), while Iraqi oil shipments soared by 22 percent to 1.03 million bpd, marking the highest level since May 2022. Concurrently, purchases from Saudi Arabia, India's third-largest supplier, experienced a notable decline of 26.8 percent, reaching 646,510 bpd.
Refinery margins, a critical factor in this evolving landscape, have prompted Indian refiners to seek cost-effective options, with every incremental profit becoming crucial. Viktor Katona, lead crude analyst at Kpler, highlighted that India's appetite for Russian crude is expected to grow further in December. The report underscores the strategic moves by Indian refiners, with a focus on securing favorable deals amid evolving market dynamics.
Top refiner Indian Oil's gross refining margins, averaging USD13.12 per barrel in the six months through September, reflect the competitive landscape where every penny of incremental profits holds significance. The shifting dynamics in India's oil imports, with a surge in Russian and Iraqi oil volumes, point to a strategic reevaluation of global energy partnerships.
Against the backdrop of geopolitical shifts and evolving trade patterns, India's oil imports reached their highest volume since July, totaling 4.57 million barrels per day in November. As Asia's third-largest economy and the world's third-largest oil importer and consumer, India's strategic choices in the energy sector are reshaping global trade dynamics. This year, India has emerged as the largest buyer of seaborne Russian crude, marking a notable shift in traditional energy partnerships. This article explores the multifaceted factors influencing India's changing oil import landscape and the broader implications for global energy markets.
MENAFN04122023000045015687ID1107531915
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.