A surge in India's oil imports from the United States outpaced growth in shipments from its traditional suppliers in the Middle East, after Washington imposed sanctions on Tehran in November, according to tanker arrival data obtained from sources. U.S. President Donald Trump's administration
NEW DELHI - A surge in India's oil imports from the United States outpaced growth in shipments from its traditional suppliers in the Middle East, after Washington imposed sanctions on Tehran in November, according to tanker arrival data obtained from sources.
India, the world's third-biggest oil importer, bought about 184,000 barrels per day oil from the United States over November 2018 to May 2019, compared with about 40,000 bpd in the same period a year earlier, the tanker data obtained from shipping and industry sources showed. U.S. Secretary of State Mike Pompeo, who will be in New Delhi on Tuesday, earlier this month said India should boost oil and gas purchases from Washington to cut reliance on difficult regimes like those found in Venezuela and in Iran.
Story continuesShe said the higher official selling prices of Middle Eastern grades and rising spot premium are also pushing India to buy more U.S. oil. Also, over the last few years, Indian refiners have installed secondary units to be able to process cheaper, lower-quality crude grades.
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