Indian buyers reduced US crude purchases and loaded up on Iranian oil ahead of the restart of US sanctions next month and as the WTI-Brent differential narrowed, according to traders and shipping intelligence firm Kpler.
US oil shipments to India fell to 84,000 barrels per day (bpd) last month, down 75 per cent from a record high of 347,000 bpd in June, Kpler data showed. India accounted for 12 per cent of US crude exports in June.
Last month, Indian buyers lifted purchases of Iranian crude to 502,000 bpd, up 111,000 bpd over August, in “a last gasp” of purchases “before sanctions actually hit,” a US-based trader said, adding that those additional barrels displaced US crude.
Overall US exports also fell 917,000 bpd to 1.7 million bpd in the last week of September, according to the Energy Information Administration, as a stronger US dollar and Brent’s premium to WTI fell, making US crude less affordable. Read More
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