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India’s Crude Imports From the Middle East Rise To 8-Month High

Oil

India’s crude oil imports from the Middle East in January increased by 157K b/d m-o-m and 335K b/d y-o-y to an 8-month high of 2.9M b/d, Reuters reports. Saudi Arabia saw the largest m-o-m gains, with volumes up by 246K b/d from December to an 11-month high of 926K b/d. However, this was still down by 13K b/d y-o-y. Instead it was Iran which drove y-o-y gains, with India’s intake from the country rising by 384K b/d from January 2016 to a two-month high of 555K b/d (up by 8K b/d m-o-m). In contrast, imports from other exporting regions were not as robust, with shipments from West Africa tumbling by 226K b/d m-o-m and 252K b/d y-o-y to a two-month low of 486K b/d. Imports from the Caribbean and Latin America, although up by 10K b/d y-o-y, were down by 147K b/d from December.