Stay updated with breaking news from Basrah Medium. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
India’s oil imports from Riyadh in September were at around 556,185 bpd, down nearly a third from August volumes. Between January 2022 and August 2023, the import volumes averaged at over 750,000 bpd.
Surprisingly, the anticipated OSP increase for Saudi crude to Asia didn’t materialize, with Saudi Arabia becoming more cautious not to destroy demand in its key market
India, the world's third biggest oil importer and consumer, also raised imports from Iraq while taking less Saudi oil, the data showed.
Cheaper Russian crude compared to Middle Eastern alternatives has prompted Indian refiners to import more crude from Russia in September compared to a seven-month low in August
Saudi Arabia’s production cuts are gradually moving into their third month of existence, creating a level of backwardation that the oil markets hasn't seen in a long time