In the following, we will look through the oil and bitumen market from the eyes of a Bitumen exporter to Africa.
Besides, we know that many items affect the oil market in Africa.
Therefore, we will also review the latest news in this regard.
According to news, India’s oil imports from the United States rose
49 percent in November from a month earlier to a 13-month high of
283,000 barrels per day. Bitumen exporter to Africa India’s oil imports from Africa and the United States exploded in November,
while its imports from the Middle East and Latin America declined,
according to Reuters. Generally speaking, the world’s third-largest oil importer and consumer imported 3.9 million barrels a day last month,
down 3.3 percent from October.
However, the annual decline in India’s oil imports has slowed as
fuel demand in the world’s third-largest economy is gradually improving. Besides, annual oil imports fell 8.5 percent in November,
the lowest decline in seven months. It’s good to know that nine refineries of the Indian
Oil Company were operating at full capacity in November for
the first time since February this year.
As mentioned before, India’s oil imports from the United States rose 49 percent in November from
a month earlier to a 13-month high of 283,000 barrels per day. This figure represents 7% of India’s total imports. The United States accounted for 4 percent of India’s total imports in October. India’s oil imports from Africa increased by 23% compared to October. Thus, Africa’s share of India’s oil imports rose from 11 percent to 14 percent in November. In addition, Latin America’s share fell from 13.5 percent to 10 percent.
India’s oil imports from Latin America fell 29 percent to 388,000 barrels per day. Reliance Industries,
Venezuela’s only Indian oil customer, has received its latest
shipment from the country under US temporary exemptions. In fact, India’s oil imports from the
Middle East fell 4.5 percent to about 2.6 million barrels per day. Additionally, the share of OPEC oil,
which includes oil supplies from the neutral zone
between Kuwait and Saudi Arabia,
has reached its lowest level in four months at 71.6%.Bitumen exporter to Africa
This is another item that affects the situation for a
bitumen exporter to Africa . India’s foreign exchange reserves fell from $575.290 billion for the week ended November 20 to $574.821 billion,
according to weekly data released by the Bank of India. India’s foreign exchange reserves include foreign exchange assets,
gold reserves, special drawing rights,
and its reserve position in the International Monetary Fund. Every week, however, foreign exchange assets,
India’s largest foreign exchange reserves rose $352 million to $533.455 billion. In contrast, the value of the country’s gold reserves fell
by $822 million to $35.192 billion.