Data released on Thursday reveals a significant surge in India’s imports of Nigerian crude oil from November to December 2023. The South Asian nation capitalized on Nigeria’s substantial surplus of cargoes during this period.
As the world’s third-largest oil importer and consumer, India witnessed a notable increase in its imports of Nigerian crude and condensates, reaching 183,600 barrels per day (bpd) in December. This marked a substantial rise from the preceding month’s figures, which stood at 60,500 bpd, according to information gathered from trade and industry sources.
However, despite the surge in December imports, the overall data for 2023 indicates a 35% reduction in India’s purchases of crude and condensates from Nigeria compared to the previous year.
In a notable shift, Russia emerged as India’s primary crude supplier in the past year. This transition occurred as Russia offered oil at discounted rates after Western nations refrained from purchasing from Moscow in the aftermath of its invasion of Ukraine. Import activities have slowed in recent months, influenced by currency challenges and less favorable prices.
Nigeria, on the other hand, has recently managed to clear the majority of its overhang of January cargoes. While February cargoes are still available for purchase, the March program is expected to be unveiled next week.
This fluctuation in import patterns and the evolving dynamics of global oil trade underscore the complex interplay of geopolitical events, economic considerations, and market conditions influencing the choices of major oil-importing nations. Observers will closely monitor further developments in the coming months.
