X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 22 mins IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN
  • 16 mins America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 8 hours Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 days Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 5 hours Texas Supply Chain Massacre
  • 4 days Former BP Exec "Biden not in war against oil" . . Really ?
  • 2 days Top Conservative Lawyer Says Trump Can Stand Trial
  • 2 days “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 3 days An exciting development in EV Aviation: Volocopter

India’s Oil Imports From North America Break Another Record

The United States and Canada accounted for 11 percent of India’s crude oil imports in January—a record-high share of North American crude for the world’s third-largest oil importer, Reuters reported on Monday, citing data obtained from trade sources.

India’s total crude oil imports last month averaged around 4.8 million barrels per day (bpd), down from a three-year high in December, but slightly up compared to January last year.

In December 2020, India’s crude oil imports were estimated to have jumped by 29 percent compared to November and by 11.6 percent compared to December 2019, to more than 5 million bpd. This was the highest import level in almost three years.

In January, India’s imports eased from December, but demand for crude oil from the United States and Canada increased as gasoline demand rebounded.

According to Reuters estimates, India’s imports from the United States nearly doubled month over month to 367,000 bpd in January, making the U.S. India’s fourth-largest supplier of crude oil after Iraq, Saudi Arabia, and the United Arab Emirates (UAE). Imports from Canada also doubled to 142,000 bpd.

At the same time, the share of the Middle East in India’s imports dropped to 61 percent—the lowest level in eight months, due to reduced supplies out of the two top suppliers, Iraq and Saudi Arabia, which have limited some exports as part of the OPEC+ pact. 

India, which relies on imports for around 80 percent of its oil consumption, is seeking to diversify purchases as much as possible to take advantage of lower prices from some regions.

In recent months, India has been sourcing more and more oil in spot deals with exporters outside of the Middle East after the biggest OPEC producers have tightened global crude supply as part of the OPEC+ pact. Indian refiners have boosted imports from exporters such as the United States and West African OPEC producer Nigeria, which sell lighter crude grades yielding more gasoline, according to Bloomberg data.

Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News