Saudi, Russia, Iraq, UAE boost oil supply to India, capture 78% market share
India’s top four oil suppliers Saudi Arabia, Russia, Iraq, and the UAE all key OPEC+ members, have sharply increased crude shipments to India, collectively supplying an additional 375,000 barrels per day (bpd) in May compared to April. Their combined market share in India, the world’s third-largest oil consumer, has now reached about 78%. According to energy tracker Vortexa, these four nations exceeded their OPEC+ commitment of 359,000 bpd production increase under the alliance’s expansion plan of 409,000 bpd. Russia remained India’s largest crude supplier, benefiting from ongoing barrel discounts. In May, Saudi Arabia boosted output by 166,000 bpd and increased exports to India by 135,673 bpd, raising its market share to 13.1%. Russia, Iraq, and the UAE raised output by 79,000 bpd, 37,000 bpd, and 77,000 bpd respectively, exporting 114,016 bpd, 66,642 bpd, and 58,365 bpd to India. Their combined share climbed 8.1 percentage points to 77.5%. Conversely, African suppliers’ share dropped from 11.8% to 4.9%, and US crude exports to India declined to 5.7% from 7%. Saudi Arabia’s increased supply to India came with significant price cuts to Asian buyers, with Saudi Aramco lowering the May official selling price for Arab Light crude by $2.30 per barrel — its lowest in nearly four years. This pricing strategy has made Middle Eastern crude more competitive versus Brent-linked grades, analysts say. Looking ahead, eight OPEC+ countries plan to increase output by an additional 411,000 bpd in June and July, keeping crude prices steady between $60-$65 per barrel, well below the 2024 average of $80.
India delivers LPG to over 330 million consumers after booking within hours: Hardeep Puri
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, announced on World LPG Day that over 330 million consumers in India now receive LPG cylinders delivered to their homes within hours of booking. This achievement reflects the government’s ongoing efforts to provide clean cooking fuel across the country. Puri praised the Pradhan Mantri Ujjwala Yojana (PMUY) for its role in transforming cooking habits, especially in rural and remote areas. He noted that more than 103.3 million women have received free LPG connections through PMUY, helping them switch from traditional fuels to cleaner, safer LPG. This shift has improved health by reducing harmful smoke and saved time for women, enhancing their daily lives. He also acknowledged the hard work of LPG producers and distributors who have expanded the network to nearly every corner of India, from small villages to large cities. Despite a 58% rise in global LPG prices, PMUY beneficiaries pay only Rs 553 for a 14.2 kg cylinder, compared to Rs 853 for regular consumers, thanks to government measures like excise duty cuts and support to oil companies. Puri emphasized that these efforts have protected consumers, saved countless trees from deforestation, and reduced deaths caused by indoor air pollution, making cooking safer and healthier for millions of Indian families
India’s GAIL sells LNG cargo as early monsoons cause weak power demand: Sources
GAIL (India) Ltd has re-sold one liquefied natural gas (LNG) cargo this week, said three market sources on Friday, as the state-run firm’s storage tanks for the fuel are full amid weak power demand in India. Fewer LNG imports by GAIL, the country’s largest gas distributor, could reduce India’s overall appetite for the super-chilled fuel. India is the world’s fourth largest LNG buyer, importing about 26 million metric tons last year as it goes through rapid urbanisation and industrialisation and to meet growing power demand. However, GAIL’s LNG tanks are filled to the brim as power demand slumped due to cooler weather from the monsoon season, leading the company to sell its LNG cargo, said two of the sources. GAIL did not immediately respond to a request for comment. The three sources did not identify which cargo GAIL sold, but shiptracking data shows two LNG vessels controlled by GAIL diverting from their routes this week.