In a signal that Indian refineries are increasing their efforts to find alternatives to Iranian barrels, a record 261,000 b/d of US crude was exported to India in June, according to the latest US Census Bureau data. The amount of crude flowing from the US to India has spiked sharply this year from an average 29,000 b/d in January through April to 152,000 b/d in May and then 261,000 b/d in June. There are indications that the increase in flows of US crude to India will continue into the fall as renewed US sanctions on Iran will put pressure on importers of Iranian crude. Iran is the third biggest source of oil for India, importing some 160 million barrels each year. However, once US sanctions against Iran kick in on November 4, India may be forced to ramp up its efforts to seek alternatives. State-owned Indian Oil Corp. signed a deal in July to buy 6 million barrels of US crude that will be shipped on three VLCCs — one each for delivery in November, December and January. In another deal, the fifth VLCC to load at the LOOP terminal this year is expected to arrive in India in September,… continue reading
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Source: CTRM Center