Canadian heavy crude exports from US Gulf Coast ports have sharply rebounded as India takes advantage of sharply discounted prices, according to oil-tracker Vortexa.
A total of 3.3 million barrels of Access Western Blend, a crude grade produced in the oil sands of Alberta, are scheduled to arrive in India next month after departing the US Gulf, according to Vortexa Ltd.
Canadian heavy crude’s discount to West Texas Intermediate crude on the Gulf Coast expanded to a record, prompting Indian refiners to opportunistically increase purchases, Rohit Rathod, a Vortexa analyst, wrote in an email. With international sanctions on Russian crude scheduled to tighten within weeks, some Indian refiners have halted purchases of the nation’s oil.