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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
Middle East oil exporters are expected to continue to lose market share in some Asian countries, particularly in India, amid cheaper Russian barrels according to S&P Commodity Insights.
- Oil Exports from the seven major Middle Eastern producers – Kuwait, UAE, Oman, Saudi Arabia, Qatar, Bahrain and Iraq – rose by 0.6% year on year on Q1 to 17mbpd, S&P tanker-tracking data show.
- However, these countries’ exports to India fell by 25% year on year to 2.338mbpd in Q1, replaced by Russian shipments.
- "Both OPEC cuts and lower Middle East exports later this year due to refinery ramp-ups/new commissioning will incentivize Indian refiners to increase intake of Russian crudes," said Ahmed Mehdi, analyst at Renaissance Energy Advisors.
- India began opportunistic buying of Russian crude in 2022, when Moscow's share from total imports was 2% in January. In Q1 2023, Russia's share surpassed 30%.
- India was the key driver of Asia's oil demand growth in 2022 and will contribute to about 17% of regional growth in 2023, with demand in the country recovering faster than the rest of the region, according to estimates by S&P Global.
- With a lower market share in India, Middle East producers are turning their eyes toward increasing exports to other countries in Asia, such as Malaysia, Indonesia and the Philippines.
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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