OPEC+ giants ramp up additional oil to India; market share nears 78%; supplied 375,000 bpd to India in May
NEW DELHI: India's top four oil suppliers and key members of the OPEC+ alliance, Saudi Arabia, Russia, Iraq, and the UAE have significantly ramped up production and directed a major portion of the additional output to India.
Tired of too many ads? go ad free now
Their collective market share has reached approximately 78% in India, the world's third-largest oil consumer. These nations have supplied an additional 375,000 barrels per day (bpd) to India in May compared to April, according to energy cargo tracker Vortexa.
The collective increase surpassed their committed additional production of 359,000 bpd under Opec+'s output expansion plan of 409,000 bpd.
Russia maintained its leading position among India's crude suppliers due to ongoing barrel discounts.
In the OPEC+ May supply increase, Saudi Arabia agreed to raise output by 166,000 bpd, Russia by 79,000 bpd, Iraq by 37,000 bpd and the UAE by 77,000 bpd.
Their exports to India increased by 135,673 bpd, 114,016 bpd, 66,642 bpd and 58,365 bpd respectively, resulting in market shares of 13.1%, 35.4%, 21.4% and 7.6% in May. Their combined share increased by 8.1 percentage points to 77.5%.
African suppliers' share decreased to 4.9% from 11.8%, whilst US crude exports to India reduced to 5.7% from 7%.
Saudi Arabia, the largest contributor to the group's supply increase, delivered the highest additional volume to India in May, increasing its market share to 13.1%, a 3% point rise from April.
This increase resulted from price reductions offered to Asian purchasers, with Saudi Aramco reducing the May OSP for Arab Light by $2.30 per barrel.
The premium has decreased to $1.20 above the Oman/Dubai benchmark for Asian buyers.
Tired of too many ads? go ad free now
For July loadings, the premium remains at $1.20, after a brief increase to $1.40 for June.
"The recent Saudi Aramco's official selling price (OSP) cuts for May loadings, close to four-year low, along with the widening Brent-Dubai Exchange of Futures for Swaps (EFS) made Middle Eastern crude grades more competitively priced than other Brent-linked crudes," Xavier Tang, market analyst at Vortexa said, according to the Economic Times.
"Production increases from Saudi Arabia and other OPEC members play an essential role in the Dubai crude price structure," he added.
Eight OPEC+ nations have committed to increase output by an additional 411,000 bpd in June and July. The increased supply has affected prices, which have remained between $60-65 per barrel for over two months, significantly below the 2024 average of $80.
Saudi Arabia's competitive pricing approach reflects the global competition for India's expanding crude market. "Saudi is offering attractive prices to gain share in India," an Indian refinery executive told the outlet.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
4 hours ago
- Hindustan Times
Gautam Adani's salary revealed: How his annual pay compares to other business honchos
Industrialist Gautam Adani received a total remuneration of ₹10.41 crore in the fiscal year that ended on March 31, 2025, higher than the previous fiscal but lower than that of his industry peers and, in some cases, even his executives. The 62-year-old is the second richest man in India in terms of net worth, but that doesn't reflect in the salaries he draws. PTI reported, citing annual reports of the listed entities of the Adani group, that Gautam Adani drew salaries from just two out of the nine listed companies in his ports-to-energy conglomerate. The salary did go up 12 per cent compared to ₹9.26 crore he had earned in the previous 2023-24 financial year. Gautam Adani's salary for 2024-25 came from two of the group's listed companies. The first one is the flagship firm Adani Enterprises Ltd (AEL), which paid him ₹2.26 crore salary and another ₹28 lakh in perquisites, allowances, and other benefits. The total earnings from AEL, at ₹2.54 crore, were higher than ₹2.46 crore in the previous fiscal year. He also drew ₹7.87 crore from Adani Ports and Special Economic Zone (APSEZ). ₹1.8 crore of it was the salary, and ₹6.07 crore was paid as commission. In the previous fiscal year, he had received ₹6.8 crore from APSEZ. Gautam Adani's salary is lower than the heads of almost all large family-owned conglomerates in India. Mukesh Ambani, the richest Indian, has forfeited his entire salary since the outbreak of COVID-19. Before the pandemic, he had capped his remuneration at ₹15 crore. But even if the Reliance chief is taken out of the list, Gautam Adani's remuneration is much lower than telecom czar Sunil Bharti Mittal, who earned ₹32.27 crore in 2023-24. Bajaj Group's Rajiv Bajaj got ₹53.75 crore, while Hero Motocorp's Pawan Munjal got ₹109 crore. These figures are from the financial year 2024. According to the FY25 figures, L&T Chairman S N Subrahmanyan earned a whopping salary of ₹76.25 crore, and Infosys CEO Salil S Parekh got ₹80.62 crore. Just like other promoters, Gautam Adani also earns from dividends that the group companies may pay on earnings every year. Adani's salary is lower than that of at least a couple of chief executives of his group companies. AEL CEO Vinay Prakash got ₹69.34 crore. Prakash's remuneration included ₹4 crore salary and ₹65.34 crore in perquisites, allowances, and variable incentives 'for exceptional operational and financial performance in the mining services and integrated resources management business of the company.' Renewable energy firm Adani Green Energy Ltd (AGEL) Managing Director Vneet S Jaain got ₹11.23 crore, while Group CFO Jugeshinder Singh earned ₹10.4 crore in FY25. Gautam Adani, who is worth $82.5 billion according to the Bloomberg Billionaire Index, has been jostling with Ambani for the spot of the richest person in Asia. He became the richest Asian in 2022 but lost that position after a damning report by US short-seller Hindenburg Research wiped out almost $150 billion of the market value of his group stock at its lowest point in 2023. He regained the top spot on two occasions last year but again ceded the position to Ambani.
NDTV
4 hours ago
- NDTV
Hyundai Bayon SUV Likely To Debut By 2026 In India, Here's What To Expect
Hyundai is now working to roll out the Bayon SUV to the Indian market in 2026. According to Autocar, the sub-compact SUV will be powered by a new engine developed by Hyundai. Also, Hyundai has previously voiced its plan to bring 26 new cars to the country by 2030. Upon its arrival, the Hyundai Bayon will closely compete with the likes of the Maruti Suzuki Fronx in India. Hyundai Bayon: Exterior The Hyundai Bayon is up for sale in the Asian, African, and European markets. Hence, there are not many changes expected in Bayon's India models. The sub-compact SUV derives its front design cues from the Hyundai Verna. It gets a sleek headlamp setup, LED strip on the bonnet, honeycomb pattern air dams, and more. On the rear end, the Hyundai Bayon features arrow-like design cues, a boomerang-shaped taillamp connected by an LED strip, a black and silver finish on the bumper, and more. Also Read: Tata Sierra To Get 3-Screen Setup- Following In Mahindra XEV 9es Footsteps? Hyundai Bayon: Interior The Hyundai Bayon's interior features include a 10.25-inch infotainment touchscreen, a 10.25-inch digital driver's display, an HVAC control panel, wireless charging, connected car tech, over-the-air (OTA) updates, fast-charging USB Type-C ports, ambient lighting, an 8-speaker Bose sound system, and much more. Hyundai Bayon Interior Hyundai Bayon: Engine And Powertrain As reported by Autocar, the Hyundai Bayon will be powered by the brand's newly developed 1.2-liter turbo petrol engine and is likely to offer a peak power and torque output of around 160 hp and 253 Nm, respectively. It is also expected to come up with the 1.0-liter turbo petrol unit, as an option. It is also reported that the Hyundai Bayon will be a hybrid-ready model, giving the brand a diversified powertrain offering.
Time of India
4 hours ago
- Time of India
OPEC+ giants ramp up additional oil to India; market share nears 78%; supplied 375,000 bpd to India in May
NEW DELHI: India's top four oil suppliers and key members of the OPEC+ alliance, Saudi Arabia, Russia, Iraq, and the UAE have significantly ramped up production and directed a major portion of the additional output to India. Tired of too many ads? go ad free now Their collective market share has reached approximately 78% in India, the world's third-largest oil consumer. These nations have supplied an additional 375,000 barrels per day (bpd) to India in May compared to April, according to energy cargo tracker Vortexa. The collective increase surpassed their committed additional production of 359,000 bpd under Opec+'s output expansion plan of 409,000 bpd. Russia maintained its leading position among India's crude suppliers due to ongoing barrel discounts. In the OPEC+ May supply increase, Saudi Arabia agreed to raise output by 166,000 bpd, Russia by 79,000 bpd, Iraq by 37,000 bpd and the UAE by 77,000 bpd. Their exports to India increased by 135,673 bpd, 114,016 bpd, 66,642 bpd and 58,365 bpd respectively, resulting in market shares of 13.1%, 35.4%, 21.4% and 7.6% in May. Their combined share increased by 8.1 percentage points to 77.5%. African suppliers' share decreased to 4.9% from 11.8%, whilst US crude exports to India reduced to 5.7% from 7%. Saudi Arabia, the largest contributor to the group's supply increase, delivered the highest additional volume to India in May, increasing its market share to 13.1%, a 3% point rise from April. This increase resulted from price reductions offered to Asian purchasers, with Saudi Aramco reducing the May OSP for Arab Light by $2.30 per barrel. The premium has decreased to $1.20 above the Oman/Dubai benchmark for Asian buyers. Tired of too many ads? go ad free now For July loadings, the premium remains at $1.20, after a brief increase to $1.40 for June. "The recent Saudi Aramco's official selling price (OSP) cuts for May loadings, close to four-year low, along with the widening Brent-Dubai Exchange of Futures for Swaps (EFS) made Middle Eastern crude grades more competitively priced than other Brent-linked crudes," Xavier Tang, market analyst at Vortexa said, according to the Economic Times. "Production increases from Saudi Arabia and other OPEC members play an essential role in the Dubai crude price structure," he added. Eight OPEC+ nations have committed to increase output by an additional 411,000 bpd in June and July. The increased supply has affected prices, which have remained between $60-65 per barrel for over two months, significantly below the 2024 average of $80. Saudi Arabia's competitive pricing approach reflects the global competition for India's expanding crude market. "Saudi is offering attractive prices to gain share in India," an Indian refinery executive told the outlet.
