Trade negotiations should begin in the second half of May, after President Donald Trump suspended the fee of 26% for imports from India.
Indian oil refineries increase oil purchases from the United States before negotiations with trading between the two countries, which should start in the second half of May. It reports about it Bloomberg On Tuesday, April 29th.
According to preliminary data by analytical company Kpler Ltd.In June, India will enter 11.2 million barrels of raw oil from the USAWhat will be the biggest volume since August last year. The growth of purchases took place against the rear of a reduction in WTI oil prices due to a reduction in demand-in specifically due to maintaining oil refinery in Singapore and weak demand in China.
“The WTI must have dropped a lot more than before to stimulate Asian countries to accept these barrels,” June Go, Senior Analyst said in the company market for the company Sparta’s commodities.
– “There is also a geopolitical factor: Asian buyers can more actively buy WTI as a tool in negotiations in the United States to reduce duties to one another, as we notice in the case of Indonesia and India.”
In March, the lack of foreign trade in India increased more than expected, as oil imports jumped more than 60% compared to last month. Exporters encourage the government to terminate a bilateral trading agreement with the United States as soon as possible.
State oil producers, especially Indian Oil Corp. And Bharat Petroleum Corp.bought that somehow 6 million barrels raw oil from the United States for June according to the results of many tenders, calculated in Bloomberg.
Bharat Petroleum Rinked too 1 million barrels with delivery until September, and Indian oil Starts purchases for July, including the 3 million barrels American oil.
Private company Relaance Industries Ltd. It also regularly buys oil from the United States, though it is not yet known what volumes it has obtained in the coming months.
According to merchants, the growth of supplies from the United States provides oil from West Africa – one of the traditional sources of light crude oil types for India.
Earlier it was reported that India was buying Russian oil, which became confused. The average sunny amount of oil obtained in April could be 2.15 million barrels.
India recorded increased oil purchases from the USA
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Source: korrespondent
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