• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 9 hours Why Wind is pitiful for most regions on earth
  • 21 mins In a Nutshell...
  • 5 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 1 hour Sources confirm Trump to sign two new Executive orders.
  • 2 days Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 3 days Happy 4th of July!
  • 2 days Putin Paid Militants to Kill US Troops
  • 3 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 3 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 3 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 16 hours Coronavirus hype biggest political hoax in history
  • 3 days Apology Accepted!
  • 4 days The Political Genius of Donald Trump
Battery Metal Sector Sees Light At The End Of The Tunnel

Battery Metal Sector Sees Light At The End Of The Tunnel

The COVID-19 pandemic has significantly…

Saudi Arabia Is Bullying OPEC Members Into Compliance

Saudi Arabia Is Bullying OPEC Members Into Compliance

Saudi Arabia has threatened OPEC…

India’s Oil Imports Hit 7-Year High In October

India imported 21.02 million tons of crude last month, the highest number in at least seven years and a 10.5-percent increase from October 2017, data from the oil ministry cited by Reuters revealed.

The increase followed the end of maintenance season at many refineries, with demand for fuels still healthy despite rising prices at the pump that the government had to step in and cap to stop a rising tide of resentment among the population. Now is also a seasonally high-demand time as festive season approaches.

Imports from Africa in particular hit a three-year high last month, while shipments from Iran fell by 12 percent to 466,000 bpd. Overall, however, crude oil shipments from Iran to India rose by 34 percent between April and October.

India’s crude oil imports from Africa jumped on the back of refiners who rushed to secure more African barrels amid uncertainties over the U.S. waivers for Iran’s oil, while a narrowing premium of Brent Crude prices over Dubai swaps made Brent-linked African grades more attractive for buyers in Asia. These stood at 874,000 bpd, more than double the import rate of African crude a year earlier. African oil imports therefore came to account for as much as 20 percent of India’s crude oil intake.

India was among the eight Iranian oil importers that expectedly won waivers from the sanctions from Washington earlier this month. It has also maintained that it cannot bring Iranian oil imports down to zero as it grapples with higher prices that are adding a lot of weight to its oil import bill: India imports most of the oil it consumes.

The news of the import high helped oil prices recoup some of the losses suffered a day earlier, when benchmarks fell by about 6 percent. More help came from API’s latest inventory estimate, which surprised the market with a draw.

By Irina Slav 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