India’s Middle East Crude Imports Fall in June

Oil

India’s crude imports from the Middle East fell by 186K b/d m-o-m in June but remained 304K b/d higher on the year at around 2.6M b/d, reports Reuters, citing tanker arrivals data. This puts the share of imports from the region below 60% for the first time since October 2015. Shipments from the Caribbean and Latin America increased by 120K b/d m-o-m to 730K b/d, an 84K b/d y-o-y gain. Imports from West Africa were up by around 196K b/d m-o-m and 110K b/d y-o-y at 623K b/d while volumes from Russia remained high at over 100K b/d for a second consecutive month. Until this year, monthly imports from Russia had never exceeded 35K b/d.