By; Okafor Joseph
Wednesday, August 8,2018
According Reuters Report U S crude oil producers has finally found a unique alternative buyer for cargoes as it no longer moving to China, with India currently on ground to import high volumes in August. India buys a total of 9.94 million barrels of crude, about 319,000 barrels per day, set to arrive from the United States this month.
This is likely to triple the 119,000 bpd India imported from the United States in July, and well greater than the 190,000 bpd for November last year, the previous record for a month.
This August total purchase we likely be higher than the 9.65 million barrels imported over the first seven months, showing the scale of acceleration in India’s imports of US crude.
Indian refiners’ interest in US 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.
Although not imposed as yet, China has proposed import taxes of up to 25% on US crude, as well as on liquefied natural gas and coal.