Mideast share of India's September oil imports falls to four-month low - sources

By Nidhi Verma Middle East producers' share of India's market fell to a four-month low in September while that of Africa rose to one year high, according to data obtained from industry sources.

Reuters October 22, 2020 00:07:09 IST
Mideast share of India's September oil imports falls to four-month low - sources

Mideast share of Indias September oil imports falls to fourmonth low  sources

By Nidhi Verma

Middle East producers' share of India's market fell to a four-month low in September while that of Africa rose to one year high, according to data obtained from industry sources.

Last month, India's oil imports from its top oil supplier Iraq declined by about 18% from August, the data showed, as OPEC's second biggest producer deepened output cuts to compensate for overproduction.

Lower purchases from Iraq and other regional producers squeezed Middle East producers' share of India's September market to about 61%, according to the data.

The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+ are cutting output by about 7.7 million barrels per day (bpd) until end-2020 to support global prices. The group had asked Iraq to make additional compensation cuts until December.

"Middle Eastern exports were reduced in September due to OPEC+ cuts," said Ehsan Ul Haq, analyst with Refinitiv.

"Iraq was under pressure to reduce supplies further due to higher exports in the past."

India's overall imports in September totalled 3.48 million bpd, a decline of about 9% from a year earlier and 12% from August, the data showed.

African oil accounted for 21% of India's imports last month, the highest monthly share since September 2019.

Low freight rates and a more competitive Brent benchmark compared with Middle East's Dubai supported India's African oil purchases, Haq said.

India skipped oil imports from Commonwealth of Independent States (CIS) countries in September for the first time in 3-1/2 years, the data showed. Latin American crude's share also fell to 8% from about 10% in August.

Lower imports from Middle East pulled down OPEC's overall share in India's September oil imports to record low of about 74% in April-September, the first six months of this fiscal year, the data shows.

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

IAEA and U.S. pressure Iran over uranium particles at 'atomic warehouse'
World

IAEA and U.S. pressure Iran over uranium particles at 'atomic warehouse'

VIENNA (Reuters) - The U.N. nuclear watchdog and the United States pressured Iran on Wednesday to finally explain the origin of uranium particles found almost two years ago at an old but undeclared site that Israel has called a "secret atomic warehouse". Israeli Prime Minister Benjamin Netanyahu drew attention to the Turqazabad site in Tehran in a speech to the United Nations in September 2018, urging the International Atomic Energy Agency to visit it

Sri Lanka's Gotabaya says has reassembled nation's intelligence network
World

Sri Lanka's Gotabaya says has reassembled nation's intelligence network

NEW DELHI (Reuters) - Sri Lankan President Gotabaya Rajapaksa said on Wednesday he had delivered on a key election promise to rebuild the island nation's intelligence network in the year since assuming office.

Pole and Chinese citizen indicted in Warsaw for spying
World

Pole and Chinese citizen indicted in Warsaw for spying

WARSAW (Reuters) - Polish authorities said on Wednesday a former secret service agent and a Chinese citizen who worked for a telecommunications company have been charged with spying for China. Reuters previously reported on the allegations against an employee of Huawei and a former Polish domestic intelligence operative who were being investigated by the Warsaw government for suspected espionage