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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Cheap Russian crude volumes are squeezing traditional suppliers out of the Indian and Chinese markets according to Vortexa.
- India has historically relied on countries like Iraq, Saudi Arabia and the United Arab Emirates to supply the bulk of its crude imports. Russia is now its biggest supplier.
- Since January 2022, India’s oil imports from the Middle East have plunged by 35% to about 1.9 million barrels a day in April. Shipments from West Africa are down by the same percentage to 228,000 bpd.
- It imported 1.9mn bpd of Russia oil in April compared to almost none in January last year.
- China has continued to receive a steady flow of oil from the Middle East, with shipments rising slightly since January 2022.
- It has however cut West African imports by 40% from 1.3mn bpd in early 2022 to 700,000 bpd in April.
- China’s imports of Russian crude rose by 80% to about 1.5 million barrels a day since early 2022.
source: vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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