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.

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