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India's oil imports rise..Iraq is its largest source
Shafaq News/ Preliminary data from commercial sources showed today, Saturday, that India's imports of crude rose in February to 4.86 million barrels per day, the highest level since December 2020, with the increase in refinery refining to meet the increasing demand to improve refining, while it was Iraq is India's largest oil exporter.
Data showed that oil imports for Asia's third largest economy rose 5% from January.
Indian refineries usually buy the oil two months before it is processed.
Refiners are increasing cash flow from higher margins to offset some of the losses incurred in selling fuel in the local markets.
Some Indian refineries have also postponed unit maintenance shutdowns to benefit from exports, while meeting the growing domestic demand for fuel.
Domestic fuel sales have surged in India, the world's third-largest importer and consumer of oil, since the government lifted restrictions caused by COVID-19 as infections subsided.
India, the world's third largest oil importer and consumer, ships more than 80% of its crude and relies heavily on the Middle East.
But its dependence on the Middle East is eroding as refineries diversify their sources of oil imports to buy cheaper barrels from elsewhere to boost profit margins, a move that reduced OPEC's share of India's oil imports.
Last month, the share of grades from Canada and the United States in India's oil imports rose 14% to its highest in a year, while purchases from the Middle East grew the least since October 2021.
Iraq continued to be the largest supplier of oil to India, followed by Saudi Arabia, the United Arab Emirates and the United States.
Kuwait emerged as India's fourth largest supplier, replacing Nigeria which slipped to sixth place with Canada taking fifth place.
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Data showed that oil imports for Asia's third largest economy rose 5% from January.
Indian refineries usually buy the oil two months before it is processed.
Refiners are increasing cash flow from higher margins to offset some of the losses incurred in selling fuel in the local markets.
Some Indian refineries have also postponed unit maintenance shutdowns to benefit from exports, while meeting the growing domestic demand for fuel.
Domestic fuel sales have surged in India, the world's third-largest importer and consumer of oil, since the government lifted restrictions caused by COVID-19 as infections subsided.
India, the world's third largest oil importer and consumer, ships more than 80% of its crude and relies heavily on the Middle East.
But its dependence on the Middle East is eroding as refineries diversify their sources of oil imports to buy cheaper barrels from elsewhere to boost profit margins, a move that reduced OPEC's share of India's oil imports.
Last month, the share of grades from Canada and the United States in India's oil imports rose 14% to its highest in a year, while purchases from the Middle East grew the least since October 2021.
Iraq continued to be the largest supplier of oil to India, followed by Saudi Arabia, the United Arab Emirates and the United States.
Kuwait emerged as India's fourth largest supplier, replacing Nigeria which slipped to sixth place with Canada taking fifth place.
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