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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
India's crude imports from Russia are expected to reach a record high in April, as its refiners take advantage of cheap oil and higher margins for exported products.
- Refinitiv estimates that India will import 1.94 million bpd from Russia in April, while Kpler forecasts arrivals at 2.39 million bpd.
- India's total imports from the Middle East are estimated by Refinitiv at 1.92 million bpd in April. It would mark the first time ever that Russian import exceed those of all Middle East arrivals combined.
- Iraq remains India's top supplier from the Middle East, with April arrivals estimated at 840,000 bpd, with Saudi Arabia in second place at 640,000 bpd.
- India has likely been pushed further away from Middle Eastern grades as OSP’s have risen. Aramco has raised theirs for three months straight.
- The discount on Russian Urals grade crude has narrowed from levels around $30 a barrel in the middle of last year to closer to $10 as clearer trade routes and demand have emerged.
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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