‘Russian-origin crude touching 5% of India’s total marine imports for the first time’
‘Russian-origin crude touching 5% of India’s total marine imports for the first time’
S&P Global Market Intelligence said in a report that India’s crude oil imports hit a record high in April, crossing 4.8 million barrels per day in April, the Russian-origin crude for the first time surpassing India’s total marine imports. touched 5% of
Trade data released by the Ministry of Commerce and Industry has projected petroleum imports to be around $20.2 billion in April or 87.54% higher than imports of $10.7 billion in April 2021.
“India’s crude oil imports are expected to pick up on strong oil product exports, coupled with a pick-up in domestic demand,” said Yen Ling Song, associate director of S&P Global Market Intelligence. “Refiners have been highly attracted to discounts for Russian-origin cargo and India has been a major alternative destination for Ural crude that was commonly sold to refiners in Europe.”
“As of May 9, about 10 million barrels of crude loading from Russia – including 970,000 barrels of CPC Blend from Kazakhstan – have been discharged into India this month. Another 16 ships with 13 million barrels are currently pointing to India as their destination and are expected to arrive within the next four weeks,” the firm’s report said.
Oil shipments from West Asia and Russia displaced onward cargo, and Russian-origin crude hit 5% of India’s total marine imports in April for the first time, down 1% for the whole of 2021 and less than this year’s. increasing in the January to March quarter. S&P Global Market Intelligence noted.