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Opec share of India’s oil imports steadies after six-year slump

Opec share of India’s oil imports steadies after six-year depression

< img src="https://bharatsuchana.com/wp-content/uploads/2022/04/Y8sjPY.jpg"class="ff-og-image-inserted"> NEW DELHI: Opec’s share of India’s oil imports for the 2021-22 fiscal year stayed nearly flat year on year, apprehending sharp decreases over the past 6 years, as refiners purchased short-haul crude from the middle east to counter increasing worldwide prices. Total crude imports by the world’s third biggest oil importer and customer rose by a yearly 7.2%to 4.26 million barrels each day(bpd)in the year to March 31, ship-tracking information from industry sources showed. The share of that offered by members of the Company of the Petroleum Exporting Countries( Opec)- generally from the Middle East and Africa-was 71.6%in 2021/22, compared to 71.9%in 2020/21, the data revealed. Opec oil accounted for about 88 % of India’s unrefined imports in 2007/08.”Opec is increasing its production almost every month by about 250,000 bpd, and India is a close-by market for that. At the very same time Indian refiners raised unrefined processing to satisfy rising fuel demand,”stated Refinitiv analyst Ehsan Ul Haq. In the next couple of months OPEC’s share of India’s total imports
could decrease because refiners in Asia’s third-largest economy are purchasing more affordable Russian oil that has been shunned by some western nations and business after Russia’s invasion of Ukraine. Russian oil continued to account for
less than 1%of India’s unrefined imports in 2021-22. A rally in global oil
costs from November pushed Indian refiners to take”complete volumes or maybe more than dedicated volumes”in their yearly agreements with Middle East manufacturers, said Haq. Indian refiners’intake of medium to heavy grades of oil, primarily from the Middle East, increased as the easing of the nation’s Covid-19 lockdown enhanced domestic fuel need.”Margins for diesel have been amazing and heavy grades from the Middle East are diesel-rich,”stated Haq. India’s fuel demand in the previous fiscal year rose by 4.3 %for the greatest increase in four years. The share of Middle East oil in India’s imports improved to 64%in 2021-22, up from 62 %the previous year, while that of Latin America and Africa decreased. Released at Tue, 19 Apr 2022 18:00:28 +0000

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