Latest news with #oilimports
Reuters
a day ago
- Business
- Reuters
Nigeria's Dangote refinery continues WTI buying spree in July
LONDON, May 30 (Reuters) - Nigeria's Dangote oil refinery will import at least five million barrels of U.S. WTI crude oil in July, three trading sources told Reuters, continuing its buying spree after a potential record tally in June. The giant new 650,000 barrel per day (bpd) capacity oil refinery is set to import around 161,000 barrels bpd of WTI in July after awarding tenders in recent days, the sources said, off the back of a record 300,000 bpd booked in its June tenders. Final totals for the month could change should the refinery make more purchases. The buying spree highlights the increasing competition oil exporters face as the OPEC+ producer group increases output, with U.S. crudes struggling to compete in Asia against six-month low in spot premiums for UAE Murban crude, traders said. Commodity trader Vitol supplied a two million barrels for July delivery in the latest Dangote tender, Azeri state-owned Socar another two million barrels, and miner and trader Glencore (GLEN.L), opens new tab sold the remaining one million barrels, the sources said. The Dangote refinery, Vitol and Socar did not immediately respond to Reuters' request for comment on the tender result, while Glencore declined to comment. The sellers of the nine million barrels Dangote was heard to have bought for June arrival in an earlier tender were not confirmed by Reuters. Tender details are not made public. Dangote's previous record for U.S. crude imports was 173,000 bpd in April, data from global shipping analytics firm Kpler show. The Dangote refinery's crude diet comprises mainly Nigerian grades, though it has been purchasing semi-regularly WTI since March 2024 according to Kpler. In 2025 it has also bought spot cargoes from Angola, Equatorial Guinea, Algeria, and Brazil, the data show. The refinery is expected to operate at reduced rates through to October due to a series of issues in recent months, according to industry monitor IIR. The refinery is now ramping up towards 85% operating capacity, a spokesperson for the refinery told Reuters. It had been running at around 80% since mid-March, IIR said.
Jordan Times
22-05-2025
- Business
- Jordan Times
Kingdom's oil bill drops 6.4% in Q1 2025
The Department of Statistics on Thursday says that the value of the Kingdom's imports of crude oil, petroleum products and mineral oils reached JD770 million during the first quarter of this year (File photo) AMMAN — The Kingdom's oil bill declined by 6.4 per cent in the first quarter of 2025, according to foreign trade data released by the Department of Statistics (DoS) on Thursday. The report, cited by Al Mamlaka TV, showed that the value of the Kingdom's imports of crude oil, petroleum products and mineral oils reached JD770 million during the first quarter of this year, down from JD821 million in the same period of 2024. The figures showed that national exports rose by 11.7 per cent and re-exports by 10.4 per cent, resulting in overall export growth of 11.6 per cent compared to the first quarter of last year. The DoS' monthly foreign trade report noted that this export growth was accompanied by a 6.6 per cent increase in imports, which led to a 2.2 per cent rise in the trade deficit in Q1 2025 compared to the same period in 2024. Total exports during the first three months of the year amounted to JD2.306 billion, including JD2.093 billion in national exports and JD213 million in re-exports. Imports reached JD4.679 billion for the same period. Jordan's trade deficit, the difference between total exports and imports, increased to JD2.373 billion in Q1 2025, up from JD2.323 billion in the same period of 2024.
Reuters
21-05-2025
- Business
- Reuters
India's Russian oil imports hit 10-month high on strong demand for ESPO crude
SINGAPORE/NEW DELHI, May 21 (Reuters) - India's Russian crude oil imports will hit close to 1.8 million barrels per day in May, the highest in 10 months, ship tracking data from Kpler showed, after refiners snapped up more light grades such as ESPO Blend. The robust demand for the lighter Russian grades in the world's third biggest oil importer and consumer is expected to last into July as Indian refiners ordered more than 10 cargoes of June-loading ESPO crude last week, traders said. India's strong demand has led to a rebound in spot premiums for ESPO cargoes delivered to China, the biggest buyer of the crude exported from the Far East port of Kozmino. Crude distillation unit shutdowns at India's major refineries Reliance Industries ( opens new tab and MRPL ( opens new tab have increased import requirements for feedstock at fluid catalytic crackers on favorable margins, said Jay Shah, a senior oil analyst at consultancy Rystad Energy. He added that some of these cargoes were delivered under a long-term deal between Reliance Industries and Rosneft, noting that cargoes arriving at the western Sikka port for the Indian refiner have increased since the beginning of the year. A source at an Indian refiner, who recently bought some volumes of the light sweet crude, said: "ESPO oil is available in good quantities in the market. Traders are charging a premium of about 50 cents to Dubai prices." Another source said ESPO delivered to India is currently trading at a premium of between 50 cents and $1 per barrel to Dubai prices. More ESPO was offered to India as Chinese state-owned companies continue shunning sanctioned crudes and crude quotas are running tight for Chinese independent refiners, analysts said. India's demand has pushed up ESPO prices for China, traders said. Offers for July-loading cargoes stood at around $2 per barrel premiums for delivery to Chinese ports, up from the $1.50-$1.70 a barrel traded for June-loading cargoes, traders said.
Reuters
19-05-2025
- Business
- Reuters
China's surplus crude oil surged in April as refinery runs dipped: Russell
LAUNCESTON, Australia, May 19 (Reuters) - The volume of surplus crude oil in China available for storage surged in April for a second straight month as imports stayed relatively high and refinery processing slipped. China's surplus crude amounted to 1.89 million barrels per day (bpd) last month, the most since June 2023 and up from 1.74 million bpd in March, according to calculations based on official data. The sharp increase in the volume of surplus crude in March and April follows robust purchases by China, the world's biggest crude importer, of cargoes of discounted oil from countries under Western sanctions, mostly Iran and Russia. China does not disclose the volumes of crude flowing into or out of strategic and commercial stockpiles, but an estimate can be made by deducting the amount of oil processed from the total of crude available from imports and domestic output. Refiners processed 14.12 million bpd in April, according to official data released on Monday, down from 14.85 million bpd in March and also 1.4% lower than a year earlier. Crude imports were 11.69 million bpd in April, down from the 19-month high of 12.11 million bpd in March. Domestic production was 4.31 million bpd last month, down slightly from the 14-year high of 4.48 million bpd marked in March. Putting imports and domestic output together gives a total of 16.01 million bpd of crude available to refiners, leaving a surplus of 1.89 million bpd once refinery throughput of 14.12 million bpd is subtracted. For the first four months of the year, surplus crude available rose to 880,000 bpd, up from 580,000 bpd for the first quarter. For the first two months of 2025, China's refiners actually processed about 30,000 bpd more than what was available from crude imports and domestic production, the first time in 18 months that they had drawn on inventories. But the massive surpluses in March and April have reversed the earlier draw. It is worth noting that not all of this surplus crude is likely to have been added to storage, with some being processed in plants not captured by the official data. But even allowing for gaps in the official data, it is clear that in March and April China was importing crude at a far higher rate than it needs to meet its domestic fuel requirements. The question for the market is what is the likely trajectory for China's crude imports and refinery processing in the coming months. The large volume of surplus crude built up in the past months gives refiners more options. China's refineries have a track record of buying surplus crude when they deem prices to be low, but trimming imports when they believe prices have risen too high or too quickly. The rise in imports in March and April was largely a result of refiners buying Iranian and Russian crude, partly because they are discounted to other grades, but also partly due to concerns that U.S. measures to sanction vessels and buyers may prove effective. China's seaborne imports from Russia were 1.38 million bpd in April and 1.22 million bpd in March, the strongest two months since 1.51 million bpd in October last year, according to data compiled by commodity analysts Kpler. Imports from Iran were assessed by Kpler at 743,000 bpd in April, down from 1.39 million bpd in March, which was the highest month since October. It's likely that Chinese refiners will seek to continue to buy Russian and Iranian crude, if they can work around the U.S. sanctions. But if they are restricted in the volumes that they can buy from the two exporters, it also seems that they have enough crude in storage that they won't have to risk pushing prices higher by importing from other suppliers. The views expressed here are those of the author, a columnist for Reuters.
CNA
12-05-2025
- Business
- CNA
Impact from Indonesia's plan to cut Singapore fuel imports limited: Analysts
Indonesia's plan to cut oil imports from Singapore amid US tariff talks may pressure trade flows, but experts here say the impact will be limited. This is as diversification of the economy into areas like technology and manufacturing will still prop up growth. Still, they caution that spare capacities may have secondary effects on the transport and storage services and wholesale trade sectors. Nadirah Zaidi has more.
