New Delhi : US crude oil exports to India hit a record in June and so far this year are almost double last year’s total as India’s refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.
The US has become a major crude exporter, sending 1.76 million barrels per day (bpd) abroad in April, according to the latest government figures. All told, producers and traders in the US will send more than 15 million barrels of U.S. crude to India this year through July, compared with 8 million barrels in all of 2017.
The exports to India could go higher if China imposes levies on its US oil imports over the latest round of US tariffs, which could damp Chinese purchases and lead US crude prices lower.
Fuel demand jumps India’s fuel demand jumped 8.6 per cent in June as falling rates led to rise in consumption.
Fuel consumption in June totalled 17.99 million tonne (MT) as compared to 16.56 MT in the same month last year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. The rise was more than double of 3.8 per cent growth seen in May when demand totalled 18.1 MT.