March 18, 2020 / 10:51 AM / 16 days ago

TABLE-India's Feb oil imports up marginally from Jan, Middle East share shrinks

    NEW DELHI, March 18 (Reuters) - India's oil imports in February rose 0.3% from the previous
month to about 4.76 million barrels per day (bpd), according to preliminary tanker arrival data
obtained from shipping and industry sources.
    India, the world's third biggest oil importer, ships in about 80% of its oil needs.
    The share of Middle Eastern fuel in overall Indian oil imports declined to a four-month low
of 61% in February, while that of Central Asian oil, including Russian supplies, rose to a
10-month high of 5.5% in February, the data showed, as refiners snapped up long-haul oil mainly
from the United States and Russia after the coronavirus outbreak hit demand in China. 
    Imports from the United States accounted for 5% of total oil imports in February and those
from Africa declined to 11.3%, the data showed.
    The coronavirus outbreak in China curtailed its crude processing, leading to diversion of
cargoes to other countries including India.
    In coming months, India's imports of Middle Eastern oil is set to surge as refiners are
drawn to cheaper Saudi and UAE oil flooding the market after Russia's refusal to back deeper
output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its OPEC+
allies. Also, the impact of the coronavirus has significantly undermined global oil demand.

    The following table shows India's imports by country. The imports include condensate.
Volumes are in '000 bpd.
    
 Region/Countr  Feb-2020    Jan-2020  % chg      Feb-2019  % chg    Jan-Feb  Jan-Feb  % chg
 y                                    mth/mth              yr/yr    2020     2019     yr/yr
 Latin America                                                                               
 Brazil             124.1       65.9       88.4      71.5     73.6     94.0     65.0     44.6
 Mexico             258.7      167.5       54.5     389.3    -33.6    211.5    328.6    -35.6
 Venezuela          371.3      411.5       -9.8     269.4     37.8    392.1    307.8     27.4
 TOTAL              754.1      644.8       16.9     730.2      3.3    697.6    701.4     -0.5
                                                                                             
 Asia                                                                                        
 Brunei               0.0       36.0     -100.0      21.8   -100.0     18.6     38.8    -52.0
 Malaysia            62.4       38.2       63.3      63.3     -1.4     49.9     78.9    -36.8
 TOTAL               62.4       74.2      -16.0      85.0    -26.7     68.5    117.7    -41.8
                                                                                             
 Middle East                                                                                 
 Oman                 0.0       32.3     -100.0      55.9   -100.0     16.7     35.0    -52.3
 Iran                 0.0        0.0         --     259.6   -100.0      0.0    265.3   -100.0
 Iraq              1158.9     1276.1       -9.2    1056.7      9.7   1219.5   1083.5     12.6
 Qatar               99.7       74.3       34.2      34.0    192.9     86.5     32.3    168.2
 Kuwait             207.9      260.4      -20.1     271.2    -23.3    235.0    231.4      1.6
 S. Arabia          909.4      728.6       24.8     880.4      3.3    816.0    860.6     -5.2
 U.A.E.             529.8      630.9      -16.0     384.6     37.8    582.0    403.9     44.1
 TOTAL             2905.7     3002.4       -3.2    2942.3     -1.2   2955.7   2912.0      1.5
                                                                                             
 Europe                                                                                      
 North sea            0.0        0.0         --       0.0       --      0.0     11.1   -100.0
 TOTAL                0.0        0.0         --       0.0       --      0.0     11.1   -100.0
                                                                                             
 C.I.S.                                                                                      
 Azerbaijan          23.4        0.0         --      72.8    -67.9     11.3     68.5    -83.5
 Kazakhstan         134.9      158.1      -14.6      34.9    287.1    146.9     16.5    788.1
 Russia             104.5       55.2       89.3       0.0       --     79.0     17.3    356.2
 TOTAL              262.7      213.2       23.2     107.6    144.1    237.2    102.3    131.8
                                                                                             
 Africa                                                                                      
 Nigeria            297.8      301.4       -1.2     494.2    -39.8    299.6    425.7    -29.6
 Angola             129.7       54.7      137.0     142.7     -9.1     90.9     84.5      7.7
 Cameroon             0.0       30.3     -100.0       0.0       --     15.6     11.6     34.5
 Congo                0.0        0.0         --      32.2   -100.0      0.0     15.3   -100.0
 Chad                 0.0       62.8     -100.0       0.0       --     32.5      0.0       --
 Egypt               33.6       62.9      -46.5      38.7    -13.1     48.8     18.4    165.5
 Ghana                0.0        0.0         --      33.8   -100.0      0.0     49.6   -100.0
 Sudan                0.0        0.0         --      44.6   -100.0      0.0     41.9   -100.0
 Eq Guinea           23.8       21.2       12.1      23.5      1.4     22.5     22.3      0.8
 Algeria             54.1       62.7      -13.7      69.5    -22.1     58.6     49.4     18.5
 TOTAL              539.0      596.1       -9.6     879.2    -38.7    568.5    718.6    -20.9
                                                                                             
 USA                240.3      220.0        9.2      33.4    619.1    229.8    102.7    123.8
 TOTAL ALL         4764.2     4750.8        0.3    4777.8     -0.3   4757.3   4665.8      2.0
 NOTE: The total may not tally as numbers in tonnes have been rounded after converting them into
barrels per day using a conversion factor of 7.3 barrels per tonne divided by the number of
days.
Numbers for previous months have been revised.
Data includes crude parcels that arrived in January but were discharged in February. It also
includes parcels that arrived in February and were discharged in March.
        
            

 (Reporting by Nidhi Verma
Editing by Robert Birsel)
  
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