Main Suppliers oil in India (in million barrels per day): Iraq (orange), Saudi Arabia (grey) and Russia (light blue). Data: Kpler, Source: Bloomberg
Beware Iraq and Saudi Arabia! Russia traded on the Indian oil market and, quite possibly, has already become a supplier to one of the main Asian consumers. Having lost many buyers from Europe, Moscow this month intends to deliver 1 to 1.2 million barrels on the third day of the world’s largest oil importer. Bloomberg writes about this, citing tank tracking data compiled by the agency itself and two oil companies.
This would put Russia on par with, or slightly above, Iraq, India’s main supplier of oil, and well ahead of Saudi Arabia. Baghdad, in particular, has increased worries about rising oil flows from Russia as it very often sells wholesale oil at a discount to compete for market share in Asia.
Oil refineries in India absorb cheap Russian oil from unprecedented before the start of the economic operation of the Russian Federation on the territory of Ukraine.
Tank pooling figures vary from supplier to supplier, depending on various assumptions and pooling of loading information. But the data from Kpler, Vortexa and Bloomberg cover the position Russia has taken in India.
Kpler data that in the presentation of Russian oil to India is on average 1.2 million barrels per day, i.e. a quarter of all crude oil entering the country. Iraq’s daily supplies are about 1.01 million barrels per day, while Saudi Arabia’s is 0.662 million barrels per day.
India justifies its purchases of oil in Russia by saying that its cheaper price is in line with the country’s international interests. The purchase went to part of the money that Russia received in the commodity markets, financing its war. Having penetrated the markets of India and China, Russia is taking market share in Iraq and Saudi Arabia in this region in the world of world oil consumption. According to the data given on the transfer of tankers, with the supplies of the two countries to India, the retention is higher by about 500,000 barrels per day.
Prepared by ProFinance.ru by materials Bloomberg agency
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