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A record number of Iraq's oil exports to India, benefiting from OPEC's decision
2019/09/27 06:49:19
Iraq's oil exports to India rose to a record level last August as refineries replace high-priced African imports with cheaper Basra oil shipments, according to tanker arrival data obtained from industry sources and in shipping. .
The data shows that the world's third-largest crude oil importer brought in about 1.32 million barrels per day of Iraqi crude oil last month, an increase of about one-third compared with last July, an increase of 29% compared with August 2018.
India's imports fell Oil prices rose 18.3 percent to 764,500 bpd as prices of low-sulfur heavy crude from Angola, Cameroon and Chad rose, which are accepted by small and large refineries in China ahead of IMO rules in 2020.
The data shows that the world's third-largest crude oil importer brought in about 1.32 million barrels per day of Iraqi crude oil last month, an increase of about one-third compared with last July, an increase of 29% compared with August 2018.
India's imports fell Oil prices rose 18.3 percent to 764,500 bpd as prices of low-sulfur heavy crude from Angola, Cameroon and Chad rose, which are accepted by small and large refineries in China ahead of IMO rules in 2020.
The OPEC plan serves Iraq
and OPEC production cuts and U.S. sanctions on Iran and Venezuela have reduced the supply of high sulfur heavy crude and also allowed Iraq, OPEC's second-largest producer, to gain a market share in India.
"In the spot market, Saudi and Emirati oil are not available while Iraqi oil is readily available at attractive prices, which is why refiners are boosting their purchases of Iraqi oil," said Ihsan al-Haq, an analyst at Refinitiv.
He added that the Iraqi oil marketing company "Somo" sells oil through immediate tenders while boosting production.
SOMO sold Basra heavy crude for loading in July at a premium to the official selling price of crude through tenders. The data show that Iraq has retained its position as the largest oil supplier to India after Saudi Arabia.
and OPEC production cuts and U.S. sanctions on Iran and Venezuela have reduced the supply of high sulfur heavy crude and also allowed Iraq, OPEC's second-largest producer, to gain a market share in India.
"In the spot market, Saudi and Emirati oil are not available while Iraqi oil is readily available at attractive prices, which is why refiners are boosting their purchases of Iraqi oil," said Ihsan al-Haq, an analyst at Refinitiv.
He added that the Iraqi oil marketing company "Somo" sells oil through immediate tenders while boosting production.
SOMO sold Basra heavy crude for loading in July at a premium to the official selling price of crude through tenders. The data show that Iraq has retained its position as the largest oil supplier to India after Saudi Arabia.
Increased production
and Iraq pumped 4.8 million barrels per day, in the past few months, rather than a target level of 4.5 million barrels per day, while Saudi Arabia produces oil below its target under OPEC 's agreement.
The data show that India's total imports during August were 4.7 million barrels per day, unchanged from the same month a year earlier.
Indian refineries, like other global refineries, are preparing to increase the production of fuel oil, which has a very low sulfur content to supply ships from 2020.
As of early January, the IMO will ban ships from using fuels containing more 0.5% of sulfur, compared to 3.5% currently, to reduce air pollution.
"Some advanced Indian refineries, such as Reliance, can produce fuel oil that has a very low sulfur content from high sulfur oil, such as heavy Basra," said Ihsan Ul Haq.
In August, Reliance Industries doubled its imports of Iraqi oil to about 1.8 million tonnes, data showed.
Data show that due to higher imports from Iraq and Saudi Arabia, India's total imports from the Middle East increased to 16% in August compared to July.
According to the data, India's imports from Venezuela averaged 412,000 barrels per day (bpd) in August, up 48 percent from July.
and Iraq pumped 4.8 million barrels per day, in the past few months, rather than a target level of 4.5 million barrels per day, while Saudi Arabia produces oil below its target under OPEC 's agreement.
The data show that India's total imports during August were 4.7 million barrels per day, unchanged from the same month a year earlier.
Indian refineries, like other global refineries, are preparing to increase the production of fuel oil, which has a very low sulfur content to supply ships from 2020.
As of early January, the IMO will ban ships from using fuels containing more 0.5% of sulfur, compared to 3.5% currently, to reduce air pollution.
"Some advanced Indian refineries, such as Reliance, can produce fuel oil that has a very low sulfur content from high sulfur oil, such as heavy Basra," said Ihsan Ul Haq.
In August, Reliance Industries doubled its imports of Iraqi oil to about 1.8 million tonnes, data showed.
Data show that due to higher imports from Iraq and Saudi Arabia, India's total imports from the Middle East increased to 16% in August compared to July.
According to the data, India's imports from Venezuela averaged 412,000 barrels per day (bpd) in August, up 48 percent from July.
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