India’s import of Russian oil falls marginally in Nov

Russia remained the largest crude supplier to India in November, accounting for 38% of India’s total crude oil imports. However, imports from the country registered a marginal decline of 4% to 1.60 million barrels per day, against 1.67 million barrels per day in October, data from Vortexa showed. 

The country imported 4.2 million barrels of crude oil per day in November, largely unchanged from last month, with Russia, Iraq, Saudi Arabia, United Arab Emirates, and United States, being the top five suppliers.

While the share of crude oil sourced from Iraq and Saudi Arabia fell in November, the share of crude imports 

 from the US increased. Imports from Iraq declined by 20% on month at 699,029 barrels per day in November, as per the data. Imports from Saudi Arabia also fell by 8% to 568,236 barrels per day last month, from 614,598 barrels per day in October. 

“Iraq’s share of Indian imports fell to 17% this month, down from 20% last month. India’s import share from the rest of the top 5 suppliers remained relatively stable, with around 1% change month-on-month,” said Xavier Tang, market analyst at Vortexa.

“India has been maximising its imports of Russian crude, as delivered Russian crude prices are still cheaper than most Middle Eastern grades,” Tang noted. “If Middle Eastern producers reduce their prices to stay competitive, Indian refiners could adjust their imports in favour of Middle Eastern crude.”

India’s crude imports are also dependent on the country’s domestic oil demand and export margins. 

While the domestic demand is seasonally the strongest in the fourth quarter, and slows thereafter, clean product export margins outlook for Indian refiners is leaning towards more bearishness, amidst well-supplied Asian and European markets, according to Tang. “This may pose downside risks to India’s crude imports in the months ahead,” he said.

Also Read100% tariff on BRICS countries if dollar countered: Trump

Meanwhile, the country’s crude imports from the US is likely to remain unaffected under the new administration, analysts say. US domestic production is projected to increase next year, as part of the new drilled and completed wells coming online. 

“The US incoming president, Donald Trump, has announced that he intends to impose 25% tariffs on imports from Canada and Mexico.

 » Read More

Related Articles

Big relief! No more charges for updating nominee details in PPF accounts

Now, you won’t be charged for updating or modifying details of the nominee in your Public Provident Fund (PPF) account as “necessary changes” are being made to the Government Savings Promotion General Rules 2018. “In the Government Savings Promotion General Rules, 2018, in Schedule II, under ‘Fee to be charged for services,’ the words and

Trump tariffs drive investors to Gold! Here are 3 Gold ETFs to invest in right now

US President Donald Trump’s sweeping reciprocal tariffs have created a stir in the global markets, impacting almost all asset classes. Equities slumped, bonds surged, and gold hit new highs. Investors’ concerns grew, and their direct impact is visible on the prices of gold. Investors scramble towards safe-haven assets like gold in times of uncertainty, and

Can Trump tariff boost India’s textile industry? A look at 3 crucial factors

US President Donald Trump has announced a flat 26 per cent tariff on Indian goods with some exemptions and according to analysts, this comes as a double-edged sword for India’s textile sector. While the increased tariff is likely to impact exports with the US being a major market for Indian textiles, it also gives India’s

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Big relief! No more charges for updating nominee details in PPF accounts

Now, you won’t be charged for updating or modifying details of the nominee in your Public Provident Fund (PPF) account as “necessary changes” are being made to the Government Savings Promotion General Rules 2018. “In the Government Savings Promotion General Rules, 2018, in Schedule II, under ‘Fee to be charged for services,’ the words and

Trump tariffs drive investors to Gold! Here are 3 Gold ETFs to invest in right now

US President Donald Trump’s sweeping reciprocal tariffs have created a stir in the global markets, impacting almost all asset classes. Equities slumped, bonds surged, and gold hit new highs. Investors’ concerns grew, and their direct impact is visible on the prices of gold. Investors scramble towards safe-haven assets like gold in times of uncertainty, and

Can Trump tariff boost India’s textile industry? A look at 3 crucial factors

US President Donald Trump has announced a flat 26 per cent tariff on Indian goods with some exemptions and according to analysts, this comes as a double-edged sword for India’s textile sector. While the increased tariff is likely to impact exports with the US being a major market for Indian textiles, it also gives India’s

Infosys files fresh case against Cognizant; accuses IT firm of abusing ‘power of monopoly’

Infosys has filed fresh charges in a US district court against US-based Cognizant Technology Solutions, a report by The Times of India said. The company has accused Cognizant for leveraging its power of monopoly to restrain the competition and maintain its dominance in the healthcare software market via its platform Cognizant TriZetto Software Group. Infosys

Impact of Trump tariff likely to be limited says Motilal Oswal

The domestic brokerage house Motilal Oswal believes that the US tariff impact will remain minimal on India. India’s exports in the six most vulnerable sectors amount to only 1.1% of India’s GDP. “Overall, we believe that the impact of reciprocal tariffs (assuming full product-level reciprocity) on India will be limited on a national basis,” said