Data reveals India’s crude oil imports rose by 3.9% to 4.2 million barrels per day (bpd) in 2021, however remained under pre-pandemic ranges in 2019.
see imagesIraq remained India’s high provider in 2021 after overtaking Saudi Arabia in 2017.
Despite a 4% drop in annual crude purchases by the world’s third-largest oil importer, OPEC’s share of Indian oil imports fell to its lowest in additional than a decade in 2021, knowledge from trade sources confirmed. walked.
Members of the Organization of the Petroleum Exporting Countries (OPEC), primarily from the Middle East and Africa, India’s share of the pie fell to 70% in 2021, from a peak of 87% in 2008, a Reuters evaluation reveals. Figures from 2007 to 2021 are proven.
Data reveals India’s crude oil imports rose by 3.9% to 4.2 million barrels per day (bpd) in 2021, however remained under pre-pandemic ranges in 2019.
Imports are anticipated to rise additional this yr as gasoline demand improves, with the federal government resisting the lockdown regardless of an increase in COVID-19 circumstances, whereas refiners’ margins are anticipated to stay robust. Last yr, refiners needed to lower crude oil processing for a couple of months because the lockdown hit diesel and jet gasoline consumption.
In December, imports rose to an 11-month excessive of 4.7 million bpd, about 5% larger than in November, however nonetheless down 7.8% from a yr in the past, the information confirmed.
OPEC’s share shrank as refiners elevated imports from Canada and the United States on the expense of Africa and the Middle East
MK Surana, chairman of state-run Hindustan Petroleum Corp (HPCL), mentioned, “Omicron is expected to spill over and refineries are expected to work at full capacity as better cracks and fuel demand will reduce Indian oil imports by about 5%. may increase.” ,
The knowledge confirmed that OPEC’s share fell as refiners elevated imports from Canada and the United States, on the expense of Africa and the Middle East.
As US sanctions have made it tough for India to import crude from Venezuela and Iran, Indian patrons have turned to the United States, Canada, Guyana and a few smaller producers in Africa for provides.
Oil from the US and Canada accounted for a report 7.3% and a pair of.7% respectively in India’s imports, in comparison with 5.5% and 0.7% a yr in the past.
The share of Latin American oil fell to a 12-year low of 8.7%, knowledge confirmed as India halted imports from Venezuela below stress from US sanctions. The knowledge reveals that Middle Eastern oil accounts for about 62% of India’s complete imports.
Iraq remained India’s high provider in 2021 after overtaking Saudi Arabia in 2017.
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Iraqi provides to India are anticipated to extend in 2022 as HPCL will elevate 45% extra crude for its expanded refining capability.
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With inputs from NDTV
