India’s crude oil imports from Russia rise to a 13-month high, while imports from Saudi Arabia fall to a decade low in June. Read the full article here: https://bit.ly/4cQdTd8 #IndiaOilImports #RussiaOil #SaudiArabiaOil #CrudeOil #EnergyNews #GlobalTrade #OilIndustry #EconomicTrends #EnergyMarkets #OilSupplyChain
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Whereas Saudi Arabia's seaborne exports of crude oil are only down by less than 1% year-on-year, Russia's seaborne crude oil exports are up nearly 12% YoY. However, if we look at Iran, it is up 42% YoY. And Venezuela is up 23% YoY. And that's just the crude oil, folks.
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China cut imports of Russian, Emirati and sanctioned crude oil last month as planned seasonal refinery maintenance and unusually low crude refining runs by independent refiners dampened overall crude demand. However, Chinese inflows of Saudi oil rose, in a seemingly successful attempt by Saudi Aramco to defend its market share with surprisingly low official formula prices for crude exports. Learn more >> https://bit.ly/3V80Ld1 #China #crude #oil #sanctions #Russia #Iran #Venezuela #oilmarkets
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India’s crude oil import bill and dependency rate Dependency rate denotes the percentage of demand fulfilled by foreign nation. FY21- $101.4 Billion – (Imported 85% of total requirement and rest produced in-house) FY21- $62.2 Billion (Covid impact) – 84.4% FY22- $119 Billion- 85.5% FY23- $157.5 Billion (Russia- Ukraine War impact)- 87.4% FY24- $132.4 Billion- 87.7% #crudeoil #importbill #energycrisis #bpcl #iocl #hpcl #ministryofpetroleum
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Saudi Arabia’s crude oil exports fell to a 10-month low in June, with shipments reaching approximately 168 million barrels, or 5.6 million barrels a day. This decline, the lowest since the early pandemic, highlights increased competition from Russia, Iran, and Venezuela, particularly in China and India. Seasonal domestic demand also contributed, as high temperatures boosted oil consumption for power generation. Saudi Arabia appears willing to concede markets to maintain OPEC+ alliances, but this strategy may be reconsidered if output cuts need to be extended beyond October. #OilMarket #SaudiArabia #CrudeExports #OPEC+ #EnergyDemand https://lnkd.in/gs9UVTgX
Saudi Crude Shipments Plummet to Pandemic-Era Levels
bloomberg.com
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📉Russian Oil Exports & Price Dynamics: ▪️ August saw a decrease in Russian #oil exports due to supply-side measures by Saudi Arabia and Russia, targeted to maintain Brent prices above $80/bbl. Despite the recent 20% surge in oil prices, Russia's commitment to reducing #exports by 300 kbd until year-end has seen fluctuations, influenced by India's varying demand and the country's #refinery throughput. ▪️ While Saudi Arabia maintains its production cuts, Russia is balancing decreased Indian demand by increasing exports to China. With India's refinery throughput anticipated to recover in October, Brent #crude spot prices are forecasted to gradually return to around $80/bbl, backed by a rise in Russian crude exports from their August lows. Stay on top of the latest trends in Russian oil exports and subsequent price dynamics with Kpler’s real-time data and insight. Haven’t seen our products yet? Reach out at www.kpler.com/request-demo #kpler #globaltrade #OilMarket #CrudeOil
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🔘 In 2023, China and India were the primary purchasers of Russian crude oil. ⚫ Last year, China and India accounted for 84% of Russia's crude oil exports. ⚫ In 2023, China imported 2.2 million barrels per day (mb/d) of crude oil from Russia, a 24% rise from the 1.7 million b/d imported in 2022. This increase elevated Russia to the position of China's top crude oil supplier for the first time since 2018, a spot that Saudi Arabia had occupied during those years. ⚫ In 2023, seaborne shipments of crude oil and condensates from Russia reached 3.3 million b/d, a 3% rise from 3.2 million b/d in 2022. Asia and Oceania constituted 89% of these seaborne exports in 2023, up from 58% in 2022. #Russia #oil #crude #crudeoil #exports #imports #China #India #SaudiArabia
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Is The Saudi Arabia-Russia Oil Pact Showing Signs Of Weakening? The pact between Saudi Arabia and Russia to keep oil barrels off the market could be showing signs of weakening, with Russia’s oil exports now on the rise. Russia’s seaborne crude oil exports rose in the seven days to October 15, with Russia’s four-week average seaborne crude exports now at a three-month high. Russia’s crude exports now are at 3.51 million barrels per day, an increase of .285 million bpd from the seven days to October 8, according to tanker tracker data analyzed by Bloomberg. Four-week average outflows from… http://ow.ly/GvYR104Y4Jx
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Is The Saudi Arabia-Russia Oil Pact Showing Signs Of Weakening? The pact between Saudi Arabia and Russia to keep oil barrels off the market could be showing signs of weakening, with Russia’s oil exports now on the rise. Russia’s seaborne crude oil exports rose in the seven days to October 15, with Russia’s four-week average seaborne crude exports now at a three-month high. Russia’s crude exports now are at 3.51 million barrels per day, an increase of .285 million bpd from the seven days to October 8, according to tanker tracker data analyzed by Bloomberg. Four-week average outflows from… http://ow.ly/GvYR104Y4Jx
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Record-high imports from Russia pushed China’s crude oil imports back above 10m barrels per day in March for the first time since last October, according to data from Vortexa. Of the total volume, more than 1.7m bpd came from Russia, compared with 1.4m bpd in February, to hit an eight-month high. Russia overtook Saudi Arabia to reclaim its position as China’s largest crude oil supplier in 2023 for the first time in four years. Imports of Sokol grade from Russia’s Far East surged to 430,000 bpd in the past month. Vortexa analyst Emma Li said this was because Chinese refineries wanted to accelerate unloading stranded cargoes before sanction waivers granted by the US expired https://lnkd.in/eCUk59Jz
Russian oil imports buoy China’s crude purchases despite waning demand
lloydslist.com
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#Oil prices surged by more than $3/barrel in Asian morning trade on Friday, with #Brent crude crossing above $90/barrel before easing midday, amid heightened fears of supply disruption following unofficial reports of explosions in the Middle East. Overnight, oil prices settled mixed following a sell-off early in the week as financial markets discounted fears of a war between #Israel and #Iran that could disrupt crude supplies. On Friday, various media outlets in the Middle East reported explosions occurred in Iran, Syria, and Iraq. #ICIS #oil #Brent #MiddleEast #supply https://lnkd.in/dzvCCht3
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