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Saudi pips Iraq as top oil supplier to India in April -trade

Published 20/05/2020, 10:49
© Reuters.
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By Nidhi Verma
NEW DELHI, May 20 (Reuters) - Saudi Arabia replaced Iraq as
the top oil supplier to India in April after a gap of three
months as refiners in Asia's third largest economy were drawn by
deep discounts on Saudi crudes, data obtained from sources
showed.
Refiners in India, the third largest oil importer, requested
higher volumes for April from Saudi Aramco 2222.SE and UAE's
Abu Dhabi National Oil Co (ADNOC), which both increased output
while cutting prices last month. India's oil imports in April totalled 4.63 million barrels
per day (bpd), up 5% from March but down 4.1% from April 2019,
the data showed.
Indian refiners had to curtail crude processing last month
as demand slumped to its lowest levels since 2007 due to a
nation-wide lockdown to prevent spread of coronavirus.
O/INDIA2
Lower demand and storage constraints forced some refiners to
declare force majeure on oil purchases from the Middle East,
defer cargoes and keep some oil in floating storage.
State refiners also sold cargoes to the federal government
for strategic reserve stockpiles and to avoid paying demurrage
cost.
UAE retained the No.3 spot.
In April India also raised imports of Mediterranean grades
such as CPC Blend, which saw steep price drops. Nigeria, which also offered steep discounts, was the fourth
biggest oil supplier and knocked Venezuela to fifth.
[ Lower intake of Venezuelan oil lowered Latin America's share
of India's imports to 15.43% in April from 18.8% in March.
Higher Mediterranean and African supplies cut the Middle
East's share to 56.6% from 58.9% in March. African grades
accounted for about 13.9% versus 9.7% in March, while
Mediterranean oil's share rose to 7.6% from 5.5%.

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