India crude imports from Nigeria, others hit 874,000bpd
Bukola Odufade is Businessamlive Reporter.
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imports from Nigeria and other African countries jumped in October to 874,000 barrels per day, their highest level in three years.
Reuters reports that India’s imports of African oil more than doubled last month, quoting data obtained from industry sources. India’s total crude oil imports increased by 14.1 percent on the year to 4.7 million bpd last month, according to the data.
Crude oil imports in India usually start to increase again in October as industrial activity accelerates following four months of monsoon rains and as festival season drives fuel demand higher.
This October, Africa’s oil was a more popular choice than in previous months and compared to a year ago because Indian refiners were not sure if they would get U.S. waivers for Iranian oil imports. Eventually these waivers were secured.
The share of African oil in Indian crude oil imports nearly doubled last month from October 2017. The share of Middle Eastern oil, which is priced off Dubai and Oman benchmarks, in India’s imports was around 57 percent in October 2018, down from 69 percent in October 2017, according to the data from Reuters’ industry sources.