12-09-2018

India Crude Oil imports jump 15.8% to 4.7 mln bpd in August

India imported about 4.7 million barrels per day (bpd) of Crude Oil in August, up nearly 16 percent from the same month last year, according to data from shipping and industry sources.

Iraq regained its status as top oil supplier to India, reclaiming the lead from Saudi Arabia, which had ousted Iraq the previous month.

India, the world's third-biggest oil consumer, cut imports from Iran in August by a third from July as the federal government delayed permission to state refiners to use Tehran's tankers and insurance for oil purchases.

Supplies from Saudi Arabia, Iraq and Iran made up nearly half of India's overall imports in August.

The Middle East share of India's total oil imports rose marginally in August from July, while that of African grades, led by lower shipments of Nigerian oil, declined to 13 percent from about 18.5 percent.

South American grades were about 15.8 percent of India's overall purchases, compared with 13.5 percent in July, the data showed.

Source: Commodity Online

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