Base Oil Report
The price of International crude oil of Indian Basket was USD 54.56 per barrel (bbl) on mid September this year compared to USD 53.83 per bbl previously on the starting of this month. By considering this on Indian rupees, the price of Indian Basket increased to Rs 3495.38 per bbl on mid of September as compared to Rs 3443.89 per bbl previously.
Because of the weakening of Global markets, the prices of oil fell following North Korea's latest missile launch, but crude remained close to fve-month highs reached this week on bullish demand forecasts and U.S. refneries restarting.
India's Bharat Oman Refneries Ltd (BORL) has bought, via tender, its frst crude cargo from the United States, which will be delivered in November. Trafgura will deliver 1 million barrels of Mars crude from the U.S. Gulf of Mexico to BORL. BORL is likely the third Indian oil refner, after Indian Oil Corp and Bharat Petroleum Corp, to import U.S. crude. Hindustan Petroleum Corp has also said about the plans of buying U.S. in the next few months.
During the period January to July 2017, India imported 1.31 million MT of Base Oil.
India’s major imports are from Korea, Singapore, USA, UAE, Iran, Taiwan, France, UK, Netherlands, Japan, Italy, Belgium, etc. Indian State Oil PSU’s IOC/HPCL/BPCL has changed their base oil numbers as reflected in the price chart effective September 01, 2017.
During the period January to July 2017, India imported 1.31 million MT of Base Oil.
| Base Oil Imported From | Mt | % |
|---|---|---|
| South Korea | 500,428 | 38% |
| UAE | 297,286 | 23% |
| Singapore | 190,771 | 14% |
| USA | 176,429 | 13% |
| Spain | 49,576 | 4% |
| Taiwan | 31,685 | 2% |
| Sweden | 18,808 | 1% |
| Iran | 7,410 | 1% |
| Other Countries | 47,446 | 4% |
| Base Oil Imported Into | MT | % |
|---|---|---|
| Mumbai | 914,525 | 69 |
| JNPT | 212,028 | 16 |
| Pipavav | 51,800 | 4 |
| Month | Group I - J 500 Singapore | SN-150 Iran | N- 70 South Korea | Bright Stock-150 |
|---|---|---|---|---|
| April2017 | 705 – 720 | 640 - 655 | 650 - 660 | 1060 - 1080 |
| May2017 | 705 – 720 | 640 - 655 | 650 - 660 | 1060 - 1080 |
| June2017 | 705 – 720 | 640 - 655 | 650 - 660 | 1060 - 1080 |
| July2017 | 705 – 720 | 640 - 755 | 650 - 660 | 1060 - 1080 |
| August2017 | 705 – 720 | 640 - 655 | 650 - 660 | 1060 - 1080 |
| September2017 | 710 – 725 | 645 - 660 | 655 - 665 | 1065 - 1085 |
| Prices changes from April to September 2017 | Have gone up by USD 5 PMT (1%) | Have remained same | Have gone up by USD 5 PMT (1%) | Have hike up by USD 5 PMT |
