• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 4 hours The Political Debacle: Brexit delayed
  • 6 hours No Mercy: EU Fines Google $1.7 billion For Abusing Online Ads Market
  • 8 hours Trump sells out his base to please Wallstreet and Oil industry
  • 7 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 15 hours Tidal Power Closer to Commercialisation
  • 5 hours New Rebate For EVs in Canada
  • 17 hours Read: OPEC THREATENED TO KILL US SHALE
  • 16 hours Will Trump Cave Again
  • 16 hours Solar to Become World's Largest Power Source by 2050
  • 6 hours Biomass, Ethanol No Longer Green
  • 4 hours Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 23 hours Oil stocks are heating up again! What's on your Watchlist?
  • 22 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
Oil Markets In Limbo Ahead Of OPEC Meeting

Oil Markets In Limbo Ahead Of OPEC Meeting

Oil investors are taking a…

Gas Mergers Could Pressure Prices In Europe

Gas Mergers Could Pressure Prices In Europe

The merger of the PEG-Nord…

Iraq Emerges As India’s Top Oil Supplier

New Delhi

India imported more than 1 million bpd from Iraq last month, which made OPEC’s second-largest producer the top crude supplier to the Asian economy, data from Thomson Reuters has shown. Previously, Saudi Arabia was the largest oil exporter to India.

What’s more, the April figures were up by a third from March, a significant increase, especially in the contest of the OPEC oil production cut deal that called for Iraq to reduce its output by 210,000 bpd.

The reason why Iraq overtook its larger neighbor was that its Basra Heavy was cheaper and that it was “good for refineries with coker units, it is also good for conventional refiners that make bitumen as that is in demand in India,” according to the chairman of Hindustan Petroleum Corp., M. K. Surana.

Iraq’s Basra Heavy traded at an average US$2.85 per barrel less than Saudi Arabia’s Arab Heavy, as the Kingdom stopped making discounts temporarily. Its exports to India averaged 750,000 bpd in April. However, Riyadh has now cut export prices for June deliveries to Asian markets.

Aramco, the state oil giant, has cut the official selling price for its flagship Arab Light crude bound for Asia for June by US$0.40 to an US$0.85-discount to the regional benchmark, Oman/Dubai average, Bloomberg reported on Monday, citing an emailed statement by Aramco. The Saudi oil company is also cutting the pricing of all its crude varieties for Asia for June, including Super Light, Extra Light, Medium, and Heavy.

Related: Trump-Xi Deal Could Fuel A U.S. LNG Boom

Iran also benefited from developments stemming from the November OPEC production cut deal, climbing to #3 among India’s top suppliers, to replace Venezuela and ahead of Nigeria. Russia was the #4 exporter to India in that month.

The Middle East remains the biggest source of crude for Indian refineries, accounting for more than 50 percent of exports. Another 15 percent is coming from Africa, and 13 percent is shipped from South America.

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