Free Trial
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.
OIL
India has been stepping up efforts to diversify its crude oil imports last year and increased the share of imports from Russia and the US, according to S&P Commodity Insights.
- The Russia-Ukraine war has given an opportunity to the India’s refiners to bring in additional volumes of crude at discounted rates from Russia.
- Russian crude's share in the Indian crude basket in 2021 was around 2.2%. But imports have picked up to around 1mbpd towards the end of this year, and the share of Russian crude imports are expected to stay at around 20-25%, according to a S&P analyst.
- Russian Urals crude was at 59.98$/bbl on 11 Jan, according to Bloomberg, and at 37.80$/bbl on 6 Jan, according to Argusmedia.
- The share of US crude in the Indian crude basket increased from 5-6% in April to around 10% in November last year. In the last quarter of 2022, the US displaced Kuwait to become the fifth-largest oil supplier to India.
- "India continues to buy crude from the US for state-owned refineries looking to diversify their crude sources. India is even diversifying its Russian crude oil basket by importing Arctic-grade Varandey Blend for the first time and further strengthening its Russian crude oil import volumes," a S&P analyst said.
- India's oil product demand rose 8.4% year on year to 4.7mbpd in 2022, the latest provisional data from the Petroleum Planning and Analysis Cell of the oil ministry showed.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok