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India's oil imports from African hit 3 year high in October 2018

Gasoil News - Published on Fri, 16 Nov 2018

Image Source: Reuters India
Reuters reported that India's oil imports from Africa in October rose to their highest level since August 2015, after a fall in Brent's premium to Dubai swaps made African crude more attractive, tanker arrival data from industry sources showed. India's overall imports in October rose 14.1 percent from a year earlier to 4.7 million barrels per day (bpd) with shipments from Africa more than doubling to 874,000 bpd, according to the data. Indian oil imports typically rise from October due to higher fuel demand in the festival season and as industrial activity picks up after four months of monsoon rains.

Government data released showed that India's fuel demand rose 4 percent in October from a year earlier to five-month high of about 18 million tonnes. Resumption of operations at some refinery units after maintenance turnaround also pushed up India's oil imports in October.

Analyst said a narrowing price differential between Brent and Dubai linked grades and uncertainties over Iranian supplies was another reason that spurred the purchase of African grades.

Sri Paravaikkarasu, head of East of Suez Oil for consultants FGE in Singapore, said "October arrival means orders must be placed in July-August when average premium for Brent-linked lighter grades eased against Dubai crude to turn African grades profitable."

Source :

Posted By : Joykumar Irom on Fri, 16 Nov 2018
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