What are the factors behind this well-oiled strategy?
According to the global real time data and analytics provider Kpler, India imported 442000 bpd of crude from the U.S in Nov, double compared to last year and second highest level since 2022. The US was India’s 4th largest crude oil supplier for the second month in a row. The higher imports helps to reduce India’s trade deficit with the U.S that inturn support India’s plan to diversify energy sources.
Crude oil imports from U.S stood at 442,000 bpd on a provsional basis in the month of Nov, a 100 pct growth on an annual basis. This spike was the second highest on record since 2022. The US became India’s fourth largest crude oil supplier for the second consecutive month in November. EIA data showed rising US crude cargoes to india. The growth in imports improves energy cooperation between the two countries. The increase was purely driven by broaden its crude mix and improve energy security but not driven by geopolitical restrictuions. The wider Brent- WTI spread and muted Chinese demand and favourable arbitrage window are the primary factors behind this well – oiled strategy.
