India shifts oil imports from Middle East to Africa, North America due to OPEC cuts
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India shifts oil imports from Middle East to Africa, North America due to OPEC cutsBy Debjit Chakraborty, Saket Sundria, Bloomberg
Last Updated: Feb 15, 2021, 04:31 PM IST
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Synopsis
Middle East oil tends to yield more diesel, while crude from the North Sea, West Africa and US shale fields usually produce more LPG and gasoline. Crude imports from Nigeria in December jumped 68%, while U.S. oil purchases surged almost 77%.
Reuters
Spot crude imports into the world’s third-largest oil market will rise by 10 per cent to 15 per cent this year from 2020, according to industry consultant FGE.