Market Currents: India’s growing significance
Tuesday October 18, 2016
1)Â Rosneft, with a group of investors, has struck a deal to buy Essar’s Vadinar refinery – the second-largest in India. Rosneft, Russia’s largest oil producer, is purchasing the 405,000 bpd refinery as it pursues a strategy attempted by other leading global producers: to set up roots in large, growing oil-consuming nations.
The port of Vadinar has five leading sources of waterborne deliveries; Iraq accounts for a quarter of volume this year, with Iran just behind at 23 percent. Venezuelan crude accounts for just under 20 percent, and with Nigerian and Kuwaiti volumes included, these five countries account for nearly 90 percent of flows into Vadinar this year.
2) As the graphic below illustrates (based on IEA data),...