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Economy News - Baghdad
Indian Oil 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.
Vaidya said - in an interview seen by Al-Iqtisad News: “We have always said that we will go to the cheapest price that the country gets from oil, because we have an obligation to consumers to get the cheapest prices... Therefore, 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.”
India's oil imports from Russia 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. .
Russia remained the largest exporter of crude oil to India during the first 9 months of 2023, but Middle Eastern crudes from Iraq and Saudi Arabia, among other sources, have recently regained their position.
Before the invasion of Ukraine, Iraq was the main exporter of crude oil to India, and data suggests that it will regain the top position in October.
India's imports of Russian oil were negligible before 2022, but they began to rise rapidly after the invasion of Ukraine, as Indian refiners took advantage of the deeply discounted prices offered by Russian oil.
In the wake of Russia's invasion of Ukraine, sharp discounts for Urals crude, reaching $42 per barrel over the benchmark Brent price, made it attractive to price-sensitive buyers, such as India.
However, cuts on Russian oil have tapered in recent months, with Russia 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 India 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.
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