*India imported a record 4.85mn b/d of crude for 2024, cementing its position as the world’s number three importer, behind China and the US but well ahead of South Korea and Japan. Domestic oil demand was up 3.5% at a record 5.17mn b/d, with the IEA predicting “world leading” demand growth of 210,000 b/d for 2025.
*The key story of the last three years has been the dramatic surge in Russian volumes since that country’s full-scale invasion of Ukraine in February 2022 and the resultant imposition of western sanctions. Since then, the vast bulk of Russia’s seaborne crude exports have gone to either China (MEES, 24 January), or India. India’s imports from Russia rose almost sevenfold to a then-record 683,000 b/d for 2022 (MEES, 3 February 2023). And, whilst this remained behind India’s long-time top two suppliers Iraq and Saudi Arabia, for 2023 Russia near-tripled volumes to surge ahead of both for top spot (MEES, 23 February 2024). (CONTINUED - 361 WORDS)
