India's African oil imports at it peak: Shipping Data
Oil imports at peak now
According to the shipping data provided by trade sources, India's oil imports from Africa jumped their highest in August in the last 10 months.
India, the world's third-biggest oil importer shipped in 3.95 million (approx) barrels of oil per day in August, the highest since April, with African nations accounting for about 17.5% or a high of 68,000 barrels per day, the reports showed.
"Spot prices of west African oil versus Brent were down in the most part of July compared with June that along with lower freight offered an opportunity to buy Nigerian oil," said Ehsan Ul Haq, an analyst with Refinitiv.
He further stated that Nigeria in order to increase revenues was supplying more oil in July than it had pledged under the production cut agreement between OPEC and its allies, while
Angola on the other hand was trying to penetrate new markets after China cut down their purchases.
The internal OPEC report also showed that Iraq and Nigeria were the least compliant regarding the agreement over the May-July period.
India shipped oil after a gap of two months as Reliance obtained permission from the U.S.
India shipped in Venezuelan oil in August after two months as Reliance Industries managed to obtain permission from the USA to swap diesel for oil.
Higher intake of Nigerian and Venezuelan oil increased the total share of OPEC in India's oil imports of August, peaking at 77.6%, the data showed.
The share of Middle Eastern oil however dipped to 62.4%, the lowest in the last three months, while that of Latin America rose to 9.7% from 6.3%.
Iraq remained the top supplier, followed by Saudi Arabia
During the month, Iraq was the top supplier of oil to India with Saudi Arabia coming a close second followed by the United Arab Emirates.
Nigeria rose to the 4th position from being the 8th largest supplier, pushing the United States to the 5th position.
Kuwait maintained it's position at No.6, while Venezuela replaced Columbia becoming the seventh-largest supplier.