A blog focused on educating global physical energy commodities participants on evolving financial, regulatory and marketing developments in the Asian commodities markets including use of cryptocurrencies in physical commodities trading. This blog seeks to educate market participants only and does not constitute financial advice.
Wednesday, 29 December 2021
Dramatic shift in India's Oil import sources - from OPEC to non-OPEC
The world's third largest oil importer and consumer importing 85% of its crude, India continues to import crude from OPEC producers but a dramatic shift towards new non-OPEC sources seems to be under way as illustrated by these two charts from Reuters:
Back in October of 2021 India's Oil secretary had contemplated forming a group seeking to bring together state-run and private refiners to seek better volume based crude import deals. In November, India's crude imports reversed a declining trend to hit its highest level in 10 months. As reported by Platts, January through November 2021 saw India's oil product exports rise 3.2% on the year to 54.7 million mt, or 1.3 million b/d.
Labels:
Distribution,
Emerging Markets,
India Oil Imports
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