Indian crude oil imports from North America jump to record high in January

Oil

Indian crude oil imports from North America shot up by 260K b/d m-o-m and 290K b/d y-o-y to a record high of 510K b/d in January, accounting for around 11% of the total 4.78M b/d supplied during the month, according to Reuters citing tanker arrivals data. Loadings from Canada and the US jumped to 140K b/d and 370K b/d, increasing by 70K b/d (or 102%) m-o-m and 180K b/d (or 50%) m-o-m respectively, as Indian refiners capitalised on cheaper regional crude grades and aim to diversify their supplies. Arrivals from West Africa also increased by 50K b/d m-o-m to a four-month high of 510K b/d, whereas imports from the Middle East fell by 300K b/d m-o-m to 2.93M b/d.