India's crude oil imports from US double in February
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An average of 1.07 million barrels per day (mbd) of crude oil was loaded in India-bound tankers during the first 20 days of February at Russian ports, down from 1.4 mbd in January, according to data obtained from energy cargo tracker Vortexa. The average crude loading for India-bound ships at US ports was 0.2 mbd, up from 0.11 mbd in January.
Exports to India from Saudi Arabia and Iraq also increased. Saudi Arabia loaded 0.91 mbd during February 1-20, up from 0.77 mbd while Iraq's loadings increased to 1.08 mbd from 0.8 mbd. UAE's average loading for India was 0.31 mbd during February 1-20 compared to 0.48 mbd in the previous month.
«We broadly see a decline in exports to India from Russia with other suppliers picking up exports to offset this,» said Rohit Rathod, analyst at Vortexa. «Indian imports from the US are likely rising to compensate for Russian light sweet ESPO Blend cargoes, loadings of which have been impacted by the recent US sanctions.»
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