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[size=35][size=35]Iraq and Saudi Arabia are the most prominent beneficiaries, and in numbers... India's oil imports go away from Russia[/size]
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2023-10-10 | 04:01
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Alsumaria News - Economy
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With the deep discounts on Russian oil that were available over the past year and a half diminishing, [You must be registered and logged in to see this link.] is currently seeking to diversify its sources of supply away from Moscow, according to the specialized energy platform.
The [url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url] Company announced that it is turning to other sources of crude to feed its refineries, according to what its president, Shrikant Vaidya, stated to the “S&P Global Commodity Insights” platform.
[You must be registered and logged in to see this link.]'s imports of Russian oil were negligible before 2022, but they began to rise rapidly after the invasion of [You must be registered and logged in to see this link.], as Indian refiners took advantage of the deeply discounted prices offered by Russian oil.
Cheapest oil price
Vaidya said: “We have always said that we will go to the cheapest oil price that the country gets, because we have an obligation to consumers to get the cheapest prices.. So, I think we will go to other sources of oil, quite simply.”
He continued: “Today, we have about 236 grades of crude oil in my crude basket... so I think there is a world that offers us a lot of oil,” according to the specialized energy platform.
[You must be registered and logged in to see this link.]'s oil imports from [You must be registered and logged in to see this link.] rose to 2 million bpd from April to July 2023, but fell again to 1.4 million bpd in August and 1.6 million bpd in September. .
[You must be registered and logged in to see this link.] remained the largest exporter of crude oil to [You must be registered and logged in to see this link.] during the first 9 months of 2023, but Middle Eastern crudes from [You must be registered and logged in to see this link.] and [url=https://www.alsumaria.tv/Entity/47950/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/ar/]Saudi Arabia[/url], among other sources, have recently regained their position.
Before the invasion of [You must be registered and logged in to see this link.], [You must be registered and logged in to see this link.] was the main exporter of crude oil to [You must be registered and logged in to see this link.], and data suggests that it will regain the top position in October.
**[You must be registered and logged in to see this link.]'s crude oil imports from [url=https://www.alsumaria.tv/Entity/47950/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/ar/]Saudi Arabia[/url] and [You must be registered and logged in to see this link.]
In the wake of [You must be registered and logged in to see this link.]'s invasion of [You must be registered and logged in to see this link.], sharp discounts on Urals crude, reaching $42 per barrel over the benchmark Brent price, have made it attractive to price-sensitive buyers, such as [You must be registered and logged in to see this link.].
However, cuts on Russian oil have tapered in recent months, with [You must be registered and logged in to see this link.] seeking more shipping outside the G7 to avoid the $60 per barrel cap on its exports.
The price of Urals delivered to the west coast of [You must be registered and logged in to see this link.] against dated Brent fell to a discount of $4.70 per barrel on September 18, the smallest spread since Platts began valuing the spread at $19 per barrel on January 18.
High oil prices...and payment in the rupee.
[url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url] President Shrikant Vaidya pointed out that high oil prices pose a “recession risk” to the global economy, and said that Oil [You must be registered and logged in to see this link.] would like to see more supply in the market so that prices “which are in a state” decline. boiling".
Platts-dated Brent crude has risen 8.6% so far in 2023, although last week the index fell 0.32% to $88.2 per barrel on October 6.
However, Brent crude futures rose at the open on October 9, rising 4.24% to trade at $88.17 per barrel, following Israel's declaration of war following the attack by Hamas.
Vaidya said that [url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url] has also begun the process of adopting more local currencies in settling crude oil transactions, according to the specialized energy platform.
[url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url] paid in rupees for one million barrels of oil it bought from the UAE in August, according to what the [url=https://www.alsumaria.tv/Entity/603878870/%D8%A7%D9%84%D8%B3%D9%81%D8%A7%D8%B1%D8%A9 %D8%A7%D9%84%D9%87%D9%86%D8%AF%D9%8A%D8%A9/ar/]Indian embassy[/url] in the Gulf country said at the time.
[You must be registered and logged in to see this link.] has been demanding more rupee transactions, and the expansion of BRICS membership to include the United Arab Emirates and [url=https://www.alsumaria.tv/Entity/47950/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/ar/]Saudi Arabia[/url] in August has given a boost to Indian efforts to get producers to accept the rupee to buy oil.
Vaidya also explained that the planned Ratnagiri refining and petrochemicals complex in [You must be registered and logged in to see this link.] with a capacity of 60 million tons per year (1.2 million barrels per day), which is being jointly developed by Abu Dhabi National Oil Company (ADNOC), Saudi Aramco and state oil refineries, including [url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url]. It is still in the process of acquiring the land.
"We are waiting for the land. We have already done some land assessments. A soil survey has also been done. We are waiting for the report. Once the land is available from the Maharashtra government, I think we should make use of it," Vaidya added.
The refinery will be built in phases, with each phase adding 20 million metric tons per year, Vaidya had previously said.
[You must be registered and logged in to see this link.]'s oil imports
In a related context, [You must be registered and logged in to see this link.]'s oil imports from [You must be registered and logged in to see this link.] jumped by 15% in September 2023, from their lowest level in 7 months in August, supported by abundant supply and price cuts, according to figures monitored by the specialized energy platform.
Shipments from [You must be registered and logged in to see this link.] reached 1.78 million barrels per day last month, and imports are likely to remain strong, according to Kpler senior crude oil analyst Victor Katona, data analysis firm Kpler said.
However, imports from [You must be registered and logged in to see this link.] remain low compared to two million barrels per day, in the period from April to July 2023.
Victor Katona explained that [You must be registered and logged in to see this link.]’s oil imports from [You must be registered and logged in to see this link.] could increase, because the ban imposed by Moscow on diesel exports means that local refineries will reduce operating rates, and more crude oil will be available abroad.
He said that [You must be registered and logged in to see this link.] mainly buys Urals crude, which is delivered at a discount of about $4 per barrel to Brent crude, making it more attractive than futures supplies from the Middle East.
He added that with the increasing availability of Russian crude, exporters may offer greater discounts in the future, according to what Bloomberg reported.
[You must be registered and logged in to see this link.]'s oil imports from [You must be registered and logged in to see this link.] - the second largest exporter to [You must be registered and logged in to see this link.] - rose by 9.4% in September compared to the previous month, to 934 thousand barrels per day, while shipments from [url=https://www.alsumaria.tv/Entity/47950/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/ar/]Saudi Arabia[/url] - the third largest exporter to [You must be registered and logged in to see this link.] - decreased by 41%, to 491 thousand. barrels per day.
Source: Specialized Energy Platform.
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Economy
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2023-10-10 | 04:01
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Alsumaria News - Economy
India's oil imports are always based on providing the cheapest prices, which is what made New Delhi seize discounted Russian oil shipments in the wake of the invasion of Ukraine.
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0 seconds of 0 seconds Volume 0%
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With the deep discounts on Russian oil that were available over the past year and a half diminishing, [You must be registered and logged in to see this link.] is currently seeking to diversify its sources of supply away from Moscow, according to the specialized energy platform.
The [url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url] Company announced that it is turning to other sources of crude to feed its refineries, according to what its president, Shrikant Vaidya, stated to the “S&P Global Commodity Insights” platform.
[You must be registered and logged in to see this link.]'s imports of Russian oil were negligible before 2022, but they began to rise rapidly after the invasion of [You must be registered and logged in to see this link.], as Indian refiners took advantage of the deeply discounted prices offered by Russian oil.
Cheapest oil price
Vaidya said: “We have always said that we will go to the cheapest oil price that the country gets, because we have an obligation to consumers to get the cheapest prices.. So, I think we will go to other sources of oil, quite simply.”
He continued: “Today, we have about 236 grades of crude oil in my crude basket... so I think there is a world that offers us a lot of oil,” according to the specialized energy platform.
[You must be registered and logged in to see this link.]'s oil imports from [You must be registered and logged in to see this link.] rose to 2 million bpd from April to July 2023, but fell again to 1.4 million bpd in August and 1.6 million bpd in September. .
[You must be registered and logged in to see this link.] remained the largest exporter of crude oil to [You must be registered and logged in to see this link.] during the first 9 months of 2023, but Middle Eastern crudes from [You must be registered and logged in to see this link.] and [url=https://www.alsumaria.tv/Entity/47950/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/ar/]Saudi Arabia[/url], among other sources, have recently regained their position.
Before the invasion of [You must be registered and logged in to see this link.], [You must be registered and logged in to see this link.] was the main exporter of crude oil to [You must be registered and logged in to see this link.], and data suggests that it will regain the top position in October.
**[You must be registered and logged in to see this link.]'s crude oil imports from [url=https://www.alsumaria.tv/Entity/47950/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/ar/]Saudi Arabia[/url] and [You must be registered and logged in to see this link.]
In the wake of [You must be registered and logged in to see this link.]'s invasion of [You must be registered and logged in to see this link.], sharp discounts on Urals crude, reaching $42 per barrel over the benchmark Brent price, have made it attractive to price-sensitive buyers, such as [You must be registered and logged in to see this link.].
However, cuts on Russian oil have tapered in recent months, with [You must be registered and logged in to see this link.] seeking more shipping outside the G7 to avoid the $60 per barrel cap on its exports.
The price of Urals delivered to the west coast of [You must be registered and logged in to see this link.] against dated Brent fell to a discount of $4.70 per barrel on September 18, the smallest spread since Platts began valuing the spread at $19 per barrel on January 18.
High oil prices...and payment in the rupee.
[url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url] President Shrikant Vaidya pointed out that high oil prices pose a “recession risk” to the global economy, and said that Oil [You must be registered and logged in to see this link.] would like to see more supply in the market so that prices “which are in a state” decline. boiling".
Platts-dated Brent crude has risen 8.6% so far in 2023, although last week the index fell 0.32% to $88.2 per barrel on October 6.
However, Brent crude futures rose at the open on October 9, rising 4.24% to trade at $88.17 per barrel, following Israel's declaration of war following the attack by Hamas.
Vaidya said that [url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url] has also begun the process of adopting more local currencies in settling crude oil transactions, according to the specialized energy platform.
[url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url] paid in rupees for one million barrels of oil it bought from the UAE in August, according to what the [url=https://www.alsumaria.tv/Entity/603878870/%D8%A7%D9%84%D8%B3%D9%81%D8%A7%D8%B1%D8%A9 %D8%A7%D9%84%D9%87%D9%86%D8%AF%D9%8A%D8%A9/ar/]Indian embassy[/url] in the Gulf country said at the time.
[You must be registered and logged in to see this link.] has been demanding more rupee transactions, and the expansion of BRICS membership to include the United Arab Emirates and [url=https://www.alsumaria.tv/Entity/47950/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/ar/]Saudi Arabia[/url] in August has given a boost to Indian efforts to get producers to accept the rupee to buy oil.
Vaidya also explained that the planned Ratnagiri refining and petrochemicals complex in [You must be registered and logged in to see this link.] with a capacity of 60 million tons per year (1.2 million barrels per day), which is being jointly developed by Abu Dhabi National Oil Company (ADNOC), Saudi Aramco and state oil refineries, including [url=https://www.alsumaria.tv/Entity/120745/Indian Oil/ar/]Indian Oil[/url]. It is still in the process of acquiring the land.
"We are waiting for the land. We have already done some land assessments. A soil survey has also been done. We are waiting for the report. Once the land is available from the Maharashtra government, I think we should make use of it," Vaidya added.
The refinery will be built in phases, with each phase adding 20 million metric tons per year, Vaidya had previously said.
[You must be registered and logged in to see this link.]'s oil imports
In a related context, [You must be registered and logged in to see this link.]'s oil imports from [You must be registered and logged in to see this link.] jumped by 15% in September 2023, from their lowest level in 7 months in August, supported by abundant supply and price cuts, according to figures monitored by the specialized energy platform.
Shipments from [You must be registered and logged in to see this link.] reached 1.78 million barrels per day last month, and imports are likely to remain strong, according to Kpler senior crude oil analyst Victor Katona, data analysis firm Kpler said.
However, imports from [You must be registered and logged in to see this link.] remain low compared to two million barrels per day, in the period from April to July 2023.
Victor Katona explained that [You must be registered and logged in to see this link.]’s oil imports from [You must be registered and logged in to see this link.] could increase, because the ban imposed by Moscow on diesel exports means that local refineries will reduce operating rates, and more crude oil will be available abroad.
He said that [You must be registered and logged in to see this link.] mainly buys Urals crude, which is delivered at a discount of about $4 per barrel to Brent crude, making it more attractive than futures supplies from the Middle East.
He added that with the increasing availability of Russian crude, exporters may offer greater discounts in the future, according to what Bloomberg reported.
[You must be registered and logged in to see this link.]'s oil imports from [You must be registered and logged in to see this link.] - the second largest exporter to [You must be registered and logged in to see this link.] - rose by 9.4% in September compared to the previous month, to 934 thousand barrels per day, while shipments from [url=https://www.alsumaria.tv/Entity/47950/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9 %D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9/ar/]Saudi Arabia[/url] - the third largest exporter to [You must be registered and logged in to see this link.] - decreased by 41%, to 491 thousand. barrels per day.
Source: Specialized Energy Platform.
[You must be registered and logged in to see this link.]
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