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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.
OIL PRODUCTS
Europe ramped up buying of Indian diesel this month with imports on track to reach 305kbpd, Kpler data showed. With India being the one of the largest buyers of Russian crude, it is likely Europe is buying most of its diesel that has been refined from Russian crude.
- “The 1.6-1.8mbpd of Russian crude that Indian refiners buy creates a competitive edge that others do not have,” according to Viktor Katona, lead crude analyst at Kpler.
- Arrivals into Europe in November include a rare shipment from Mumbai-based Nayara Energy, which imported almost 60% of its crude from Russia this year, according to Kpler. Reliance Industries, Europe’s top supplier of Indian diesel, draws more than third of its crude from Russia, the figures show.
- In total, Europe’s imports of diesel and gasoil this month are set to rise to 935kbpd, a 5% increase from October, Kpler data show.
- India is helping to fill a supply gap, as flows from the US, Turkey and Saudi Arabia are falling this month. Saudi diesel arrivals in Europe are expected to drop to 94kbpd this month, the lowest level since February 2020.
- The fall in Saudi flows is due to local refinery maintenance and more interest in buying Indian diesel from European buyers, Eugene Lindell, head of refined products at Facts Global Energy, said.
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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