As competition among oil producers for major Asian markets intensifies, Iraq has become India’s top crude supplier for a third month in May, surpassing Saudi Arabia.
Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed.
Exclusive Opinion Piece : Has Saudi Arabia abandoned its role as a Swing Producer?, Asks Manish Vaid
Given its own economic conditions and plans for upcoming Saudi Aramco’s IPO next year Saudi Arabia cannot escape its role as swing producer, even though unwittingly.
The resilient U.S. shale output and sluggish demand from American drivers have kept U.S. stockpiles at historically high levels making efforts of OPEC and non-OPEC to cut oil production a futile exercise. These developments has forced experts to rethink about Saudi Arabia’s role as a ‘Swing Producer’ in rebalancing the oil markets. This article therefore explore the current oil market scenario alongside evaluating if actually Saudi Arabia has abandoned its role as a Swing Producer.
India’s oil imports from Iran rose nearly 17% in February from a month earlier as refiners received less crude from key Opec producers Saudi Arabia and Iraq after an Opec deal to cut output, shipping data showed on Monday.
India’s Iran oil imports rose marginally in January compared to the previous month as Indian refiners received full volumes from the key OPEC producers Saudi Arabia and Iraq,