India's shift to exporters like US and Nigeria comes amid an increased demand for gasoline, as the pandemic pushes people to private cars instead of public transport.
OPEC+ cuts and covid has India eying spot crude to feed lighter diet
The Organization of Petroleum Export Countries and partners like Russia began a record output cut of 9.7 million barrels a day last year after the coronavirus pandemic battered demand.Premium
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. Updated: 15 Feb 2021, 07:31 AM IST Bloomberg
Spot crude imports into the world’s third-largest oil market will rise by 10% to 15% this year from 2020, according to industry estimates
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India’s refiners are turning to spot oil from Africa and North America as long-term suppliers in the Middle East cut output and as demand for gasoline jumps amid the Covid-19 pandemic.
Iraq’s dominance over Indian crude market to be tested if Iran returns
Iraq’s crude exports to India grew nearly double-digits last year, helping it retain the title of India’s top oil supplier in 2020, but it may struggle to attain similar growth in 2021 if the newly appointed US President Joe Biden resurrects the nuclear deal with Tehran, which could potentially see the return of Iranian crude, analysts told S&P Global Platts.
With 2020 being the first year when Iranian crude inflows into India dropped to zero, that gave Iraq an opportunity to grab a market share of as high as 25%, with shipments of about 50.17 million mt in 2020, up from 45.88 million mt in 2019, shipping data showed.
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Fujairah to get fourth refinery in 2021
LONDON, December 24, 2020 Fujairah s fourth refinery should come online in 2021 as Brooge Energy expects its 25,000 barrels per day (b/d) refinery producing low sulfur fuel oil to be launched in the second half of the year, said S&P Global Platts. The port s third refinery was started in April 2020, a 15,000 b/d plant owned by Ecomar Energy Solutions. Its capacity has since been expanded to 20,000 b/d, with plans to hit 60,000 b/d by 2023. We see the future as looking pretty good, Ecomar s trading director Leigh Shaddick said in an interview. We are able to be nimbler than the big oil companies. The UAE has done a fantastic job managing Covid-19. The Port of Fujairah has done a great job. The infrastructure is there and there have been no delays in vessels coming in or leaving the port.