Asian crude oil suppliers are returning to India’s oil market, countering Russia’s attempt to rely on discounting go deeper and go further to offer lower prices even than the reduced Russian supply.
Iraq, India’s largest crude oil supplier, maintained its lead over Russia in August, supplying India with 12-20% more in the first 30 days of the month, according to two intelligence agencies. Top data estimates crude oil shipments by tracking oil tanker movements.
Iraq supplied about 895,000 bpd (bpd) of crude oil to India as of Aug. 30, compared with 7
8,000 bpd for Russia and 768,000 bpd for Saudi Arabia, according to Kpler, based in Iraq. Paris. This compares with Iraqi shipments of 965,000 bpd in July, 868,000 bpd from Russia and 811,000 bpd from Saudi Arabia.
London-based data analytics provider Vortexa pegged India’s Iraqi crude imports for August at 860,000 bpd, 90,000 bpd higher than Russia’s 770,000 bpd. Saudi Arabia shipped 820,000 bpd in August. Vortexa includes the Urals, ESPO and other Russian ranks in terms of its volume.
This compares with supplies to Iraq of 1.02 million bpd in July, followed by shipments from Russia and Saudi Arabia of 860,000 bpd.
“Iraq and Saudi Arabia want to defend their territory. Rohit Rathod, principal analyst at Vortexa, said Iraq has reduced the price of barrels and that could turn Indian refiners away from Russian barrels.
India needs less crude oil in August as major refinery shutdowns reduce Russian spot demand, industry officials said. “It’s a reflection of weaker crude demand from India,” said Kpler analyst Matt Smith.
Indian Customs data tends to differ from information provided by foreign data agencies, as Customs calculates monthly volumes based on delivered shipments.
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