By Uthman Salami
Nigeria has sustained its position as the 5th biggest crude oil supplier to India, as Africa’s share in India’s oil imports improved to a record high in April.
The increment of Africa’s share in India’s oil imports surged to a seven-month high in April.
Indian refiners also rev up purchases from other small regional players in Africa such as Ghana and Congo on better economics with reduced competition from China.
The entire share of African oil in India’s oil imports surged to 16.3 per cent in April.
Indian’s crude oil import in April was downed to 3.7 per cent from the previous month as Hindustan Petroleum Corporation (HPC), a state owned refinery did not refine oil for the country due to its total shutdown
Indians imported about 4.2 million barrels per day (bpd) oil in April, a decline of about 8.7 per cent from the same month last year from refiners
Last year, the country had raised oil imports from Kuwait by cutting in-take from the United States, Latin America and Canada.
India’s oil imports reduced as OPEC cut crude production in May, but after the second COVID-19 wave made several states to impose mobility restrictions which led to major stockpiles towards the end of April.
Meanwhile, Iraq continued to top major oil supplier to India followed by Saudi Arabia and the United Arab Emirates, while Kuwait improved its ranking to 4th by displacing the United States who was until April, ranked in that position.
Crude oil in India’s imports rose to a six-month high of about 77.5 per cent due to higher imports of Middle-East and African oil raised the share of OPEC in the country.