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Crude Oil Import: There has been a decline in the import of crude oil from Russia to India. In the month of December, crude oil imports from Russia decreased by 13.2 percent to 1.39 million barrels per day. Whereas in November this figure was 1.61 million barrels per day. This has been revealed by the data of London based commodity data analytics provider Vortexa. However, in December, Russia remained first in the world in terms of crude oil imports. Out of this, India alone imported 31 percent crude oil.
These five countries are the biggest suppliers of crude oil
During this period, the country’s total crude oil imports have increased by about 4 percent month on month to 4.46 million barrels per day, in which India imported more crude oil from Iraq than Russia.
Xavier Tang, market analyst at Vortexa, told The Financial Express that the countries from which crude oil was imported in different parts of the world in December included Russia, Iraq, Saudi Arabia, United Arab Emirates and Angola. Of these, Angola has become the fifth largest supplier of crude oil, leaving America behind. Xavier said, the main reason for the decline in crude oil from Russia is that refiners in India have started importing it from Africa and the Middle East.
India imports maximum crude oil from these two countries.
India imports the most crude oil from Russia and Saudi Arabia, but in December, the share of UAE and Iraq in crude oil imports has increased, surpassing these two countries. Iraq’s share in crude oil imports into India has increased to 23 percent, which was earlier 16 percent.
According to the data, imports from Iraq increased by 48.3 percent last month to 1.03 million barrels per day. Tang further says, however, India will continue to give preference to Russia in terms of crude oil imports given the discount per barrel compared to the Middle East.
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There will be many events in the business week starting from January 6, big signal from America and an eye on quarterly results.
