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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 oil import from Russia rebounded in September to 1.55mbpd, up by 16% in August, which was a seven-month low, as prices fell against Middle Eastern oil, LSEG data showed.
- In comparison, Vortexa puts Russian oil shipments to India at 1.52mbpd, up from 1.44mbpd in August. Kpler data showed India’s imports of Russian crude rose to 1.8mbpd in September, from just below 1.5mbpd in August. Imports will further rise closer to 2mbpd once Russian refiners will complete maintenance turnarounds by end-October, analyst at Kpler, Viktor Katona, said.
- Iraqi crude oil exports to India in September increased by 17% on the month to 1.1mbpd, LSEG data showed.
- Saudi Arabian exports to India in September further declined 676kbpd, down by 10% from August levels, LSEG data showed.
- "Price competitiveness favours Russian crude and if the Indian refiners want to take term volumes from the Middle East, they seem to prefer Iraqi barrels as Basrah Medium continues to be some $2/bbl cheaper than Arab Medium or Arab Light," Katona said.
- Discounts for September-loading Russian oil began to widen after Indian refiners slowed purchases in August.
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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