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By Nidhi Verma NEW DELHI (Reuters) – The share of Canada and the United States of America in India’s January oil imports surged to a record 11% while that of the Middle East and South America declined, data obtained from sources showed. Asia’s third-largest economy imported about 4.8 million barrels per day (bpd) oil in January, a decline of 6% from the previous month and marginally higher than a year earlier. India’s imports from Canada and the United States almost doubled from December to 142,000 bpd and 367,000 bpd, respectively. The United States emerged as the fourth-biggest supplier to India after the United Arab Emirates. "Demand for gasoline in India recovered at a faster pace than other products and North American grades are gasoline-rich," said Ehsan Ul-Haq, lead analyst for Oil Research and Forecasts at Refinitiv, adding that most Middle Eastern grades were distillate-rich. "Crude from America was cheap compared to other producing regions in November while Canadian oil is sold at a deeper discount to Brent." India, the world’s third-biggest oil importer and consumer, ships in more than 80% of its crude needs and relies heavily on the Middle East. However, its reliance on the Middle East is […]
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