India Ramps Up Saudi Crude Purchases, But It’s Not A Gesture To Washington

OilPrice.com ^ | Aug 23, 2022 | Simon Watkins

[BeauBo]

India shipped in 877,400 barrels per day (bpd) of oil from Russia in July, a drop of around 7.3 percent from June, while India’s oil imports from Saudi Arabia increased to 824,700 bpd in the month, a rise of 25.6 percent from June.

This was the highest oil take by India from Saudi Arabia for three months, according to industry data, and the figures also marked the first fall in India’s crude oil imports from Russia since March.

[BeauBo]

Russia has been trying to negotiate smaller discounts (it had been giving up to $30 per barrel discounts, but prices have generally dropped about 25% since then, squeezing Russian margins).

The risks involved in longer term contracts with Russia have been growing, and it does not seem that Indian buyers have been hooked for anything except some short term fire sale pricing.

They are probably better served by waiting for the price caps to roll out in December.

[PGR88]

“To be an enemy of the US is dangerous, but to be a friend is fatal”

Henry Kissinger

[Glad2bnuts]

My country is draining the Strategic Petroleum Preserve, sending the oil to a Mortal enemy, the CCP. Not only is that happening, but they are selling at a discounted rate. Will we stop before it is empty? Do we care? I guess it is a way to lower fuel prices for me and you, to help us vote for people who HATE MY COUNTRY.

[DoughtyOne]

Read yesterday that the SPR is at it’s lowest level in 40 years.