Country bought more U.S. crude: trade
OPEC’s share of India’s oil imports fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia’s third-largest economy fell to a six-year low, data obtained from industry and trade sources showed.
Total crude imports by the world’s third-biggest oil importer fell to 3.97 million barrels per day (bpd) in FY21, down 11.8% from a year earlier, data showed.
India bought more U.S. and Canadian oil at the expense of that from Africa and West Asia, reducing purchases from members of the Organization of the Petroleum Exporting Countries (OPEC) to about 2.86 million bpd and squeezing the group’s share of imports to 72% from about 80% previously. That is the lowest share since at least FY02, before which crude import data is not available.
OPEC s share of Indian oil imports plunges to 2 decade low: Trade sources
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Last Updated: May 03, 2021, 02:46 PM IST
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Total crude imports by the world s third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier, the data showed.
Agencies
OPEC s share of India s oil imports fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia s third largest economy fell to a six-year low, data obtained from industry and trade sources showed.
Total crude imports by the world s third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier, the data showed.
European and Asian natural gas prices continued moving higher last week and again finished strong on Monday as the regions competed for supplies.
Lingering cold in Europe, along with a drop in pipeline imports and a rise in the Japan-Korea Marker (JKM) contract, are supporting prices on the continent, where storage inventories remain about 25% below the five-year average. Below normal temperatures are expected to continue in the UK, France, Germany, Italy, Hungary, Poland, Scandinavia and the Balkans this week, while the 6-10 day period looks more normal, according to Maxar’s Weather Desk.
“All factors support the uptrend right now, as cold spring weather across Europe, supply concerns regarding Russia due to the relationship with Ukraine, and a surging carbon market all support the upturn,” said trading firm Energi Danmark in a Monday note. Day-ahead gas on the Dutch Title Transfer Facility (TTF) hub last week hit its highest level since January, while the front-year con
OPEC s share of India s oil imports fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia s third largest economy fell to a six-year low, data obtained from industry and trade sources showed. Total crude imports by the world s third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier, the data showed. India bought more U.S. and Canadian oil at the expense of that from Africa and the Middle East, reducing purchases from members of the Organization of the Petroleum Exporting Countries to around 2.86 million barrels per day and squeezing the group s share of imports to 72% from around 80% previously.
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