Indian November imports of Latin American oil slump to 20-month low: data
Latin America's share of Indian oil imports plunged in November to its lowest in 20 months, tanker arrival data showed, as refiners bought similar heavier grades from the Middle East to reduce shipping costs.
India, the world's third largest oil consumer, bought about 390,400 barrels per day (bpd) of Latin American oil during November, or 9.1 per cent of the country's total imports, down from 12 per cent in October, the data from shipping and industry sources showed.
"Freight rates peaked in October 2019 and that prompted refiners to go for short-haul crude like from the Middle East," Ehsan Ul Haq, an analyst with Refinitiv, said.
India's overall imports from the United States, Canada, and Africa also declined from October, the data showed.
Middle Eastern oil accounted for 68 per cent of India's imports in November, up from 57 per cent in October, the data showed, with Saudi Arabia regaining its status as top supplier a month after losing it to Iraq. Africa's share fell to 13 per cent from 16.5 per cent.
Overall, India imported about 4.28 million bpd in November, down 6 per cent from October and 1.2 per cent higher than a year earlier, the data from shipping and industry sources showed.
India's imports from Latin America declined as refiners restricted purchases from Venezuela to 182,000 bpd, the lowest since April 2012, according to data compiled by Reuters.
