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OIL: India Refiners Raise Urals Imports to Record in June

OIL

India’s refiners have increased imports of medium-sour Russian Urals in June to 1.60mb/d and above May’s record of 1.57mb/d, according to Kpler data cited by Bloomberg.

  • The increase has been boosted by weaker demand crude demand from China and wider discounts while volumes from Saudi Arabia and Iraq has reduced.
  • Imports from Saudi Arabia fell to the lowest since January 2014 at 428kb/d from 550kb/d in May.
  • Crude loadings of mostly Urals from three western Russian ports, Primorsk, Ust-Luga and Novorossiysk rose m/m in June to 9.03m tons (2.2mb/d) from 2.08mb/d in May, according to Bloomberg ship tracking data. India will receive at least 5.13m tons of Russian-origin crude, China at least 380k tons and Turkey 1.7m tons.
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