India to import record Crude Oil from US in Aug 2018
India has booked a total of 9.94 million barrels of Crude, about 319,000 barrels per day (bpd), to arrive from the United States this August, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts.
This would be almost triple the 119,000 bpd India imported from the United States in July, and well above the 190,000 bpd for November last year, the previous record for a month.
The August total is also likely to be just above the 9.65 million barrels imported over the first seven months, showing the scale of acceleration in India’s imports of U.S. Crude.
Indian refiners’ interest in U.S. Crude will be welcome news to shale producers looking for buyers outside of China.
U.S. Crude Oil producers appear to have found an alternative buyer for Crude Oil which will be no longer heading to China, with India on track to import record volumes in August.
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