US oil ex­ports to In­dia soar

Maritime Gateway - - Commodities And Cargoes -

U.S. crude oil ex­ports to In­dia hit a record in June and so far this year are al­most dou­ble last year’s to­tal as the Asian na­tion’s re­fin­ers move to re­place sup­plies from

Iran and Venezuela in a win for the Trump ad­min­is­tra­tion. The United States has be­come a ma­jor crude ex­porter, send­ing 1.76 mil­lion bar­rels per day (bpd) abroad in April. pro­duc­ers and traders in the United States will send more than 15 mil­lion bar­rels of U.S. crude to In­dia this year through July, com­pared with 8 mil­lion bar­rels in all of 2017. The ex­ports to In­dia could go higher if China im­poses levies on its U.S. oil im­ports over the lat­est round of U.S. tar­iffs, which could damp Chi­nese pur­chases and lead U.S. crude prices lower.

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