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2018-08-13 13:35:00

INDIA BUYS U.S. OIL

INDIA BUYS U.S. OIL

PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.

IOC's director of finance A.K. Sharma told S&P Global Platts that the volumes would be shipped in in three VLCCs -- one each for delivery in November, December and January.

"Yes, we have signed the deals," Sharma said, but did not provide price details.

The deal is believed to be the first term deal by an Indian refiner. Until now, Indian refiners have been buying mainly spot cargoes from the United States.

A question mark on India's future strategy in buying crude oil from Iran as well as Beijing's trade war with Washington have opened a window of opportunity for Indian refiners to dramatically step up purchases from the US, a trend that could continue in the coming months, analysts told Platts earlier this week.

According to the latest US census export data, from an average of 29,000 b/d of crude flow from the US to India in the January-April period, the volume jumped sharply to 152,000 b/d in May, and 261,000 b/d in June, a new monthly record.

Private refinery sources in India added that an improvement in shipping logistics in the US had boosted the appetite of many Indian refiners for American crude on a regular basis, and some were also considering term purchases.

ECONOMIC VIABILITY

Sharma did not identify the exact crude grades that the state-run refiner bought on the latest US crude term deal, but some Asian trade sources based in Singapore said the Indian end-user could have bought a combination of light sweet grades and medium sour Mars Blend crude.

Arbitrage economics appear to favor IOC's decision to secure term supplies of US crude as the spread between WTI and Dubai crude price benchmarks remains in a steep discount, making various North American export grades extremely competitive.

Platts data showed the spread between the front-month WTI swap and same-month Dubai crude swap has averaged at minus $3.91/b in Q2, the biggest discount since averaging minus $5.13/b in Q3 2014.

Furthermore, the ouright price spread between Mars Blend and Iranian Heavy also favors the US grade purchase, S&P Global Platts data showed.

National Iranian Oil Company has set the official selling prices differential for Iranian Heavy grade for loading in July at a discount of 30 cents/b to the average of Platts Oman/Dubai crude assessments. The Platts benchmark averaged $73.17 last month, setting the final outright OSP for Iranian Heavy loaded in July at $72.87.

In comparison, S&P Global Platts has assessed July-loading Mars Blend crude at an average flat price of $70.40/b, almost $2.50/b below the medium sour Iranian grade's OSP for the same loading month.

The state-run refiner likely bought Mars Blend as an alternative feedstock grade to replace potential shortfall in imports of Iranian Heavy grade in the coming quarters.

Mars Blend is a medium density grade with gravity of API 29 and sulfur content of 1.8%, while Iranian Heavy has a gravity of around 30 API with a sulfur content of around 1.88%.

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Earlier:

 INDIA'S GROWTH 7.3%
2018, August, 10, 10:10:00

INDIA'S GROWTH 7.3%

IMF - The near-term macroeconomic outlook is broadly favorable. Growth is forecast to rise to 7.3 percent in FY2018/19 and 7.5 percent in FY2019/20, on strengthening investment and robust private consumption. Headline inflation is projected to rise to 5.2 percent in FY2018/19, as demand conditions tighten, along with the recent depreciation of the rupee and higher oil prices, housing rent allowances, and agricultural minimum support prices.

 INDIA'S OIL IMPORTS UP
2018, August, 8, 11:55:00

INDIA'S OIL IMPORTS UP

REUTERS - Indian refiners’ interest in U.S. crude will be welcome news to shale producers looking for buyers outside of China, which is likely to scale back imports as the trade dispute between the administration of President Donald Trump and Beijing escalates.

 IRANIAN OIL FOR INDIA: №2
2018, July, 25, 09:40:00

IRANIAN OIL FOR INDIA: №2

REUTERS - India, Iran’s top oil client after China, shipped in 5.67 million tonnes, or about 457,000 barrels per day (bpd), of oil, from the country in the first three months of this fiscal year, Dharmendra Pradhan told lawmakers in a written reply.

 ARABIAN INVESTMENT FOR INDIA: $44 BLN
2018, June, 27, 10:45:00

ARABIAN INVESTMENT FOR INDIA: $44 BLN

AOG - Sheikh Abdullah said: “This agreement strengthens the already close ties between the UAE and the Kingdom of Saudi Arabia and between the UAE and India. The UAE is unwavering in its commitment to its strategic multi-lateral relationships with both Saudi Arabia and India, as well as being a reliable partner in India’s energy security. We look forward to exploring further opportunities to expand our energy partnerships and to collaborating on new, broader, opportunities that will further strengthen and deepen the long-standing economic links between our three countries.”

 INDIA NEED RESPONSIBLE PRICE
2018, June, 18, 14:05:00

INDIA NEED RESPONSIBLE PRICE

PLATTS - Saying that current oil prices were not supported by market fundamentals, Indian oil minister Dharmendra Pradhan on Thursday called for "responsible pricing, one that balances the interests of both the producer and consumer."

 INDIA IGNORES SANCTIONS
2018, May, 30, 13:45:00

INDIA IGNORES SANCTIONS

BLOOMBERG - India, a long-time buyer of oil from both Iran and Venezuela, only complies with United Nations-mandated sanctions and not those imposed by one country on another, said foreign minister Sushma Swaraj at a press conference in New Delhi on Monday.

 ARABIAN OIL FOR INDIA
2018, May, 23, 10:05:00

ARABIAN OIL FOR INDIA

AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.

 

 

Tags: INDIA, USA, OIL, IRAN

Chronicle:

INDIA BUYS U.S. OIL
2018, October, 17, 10:10:00

SAUDI - INDIA'S DOWNSTREAM

MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.

INDIA BUYS U.S. OIL
2018, October, 17, 10:05:00

U.S. IN EUROPE

REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

INDIA BUYS U.S. OIL
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow. 

INDIA BUYS U.S. OIL
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

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