Data on Thursday showed that India’s imports of Nigerian crude jumped from November to December 2023, as the South Asian country took advantage of Nigeria’s large overhang of cargoes.
India, the world’s third-biggest oil importer and consumer, saw its imports of Nigerian crude and condensates surge to 183,600 barrels per day (bpd) in December, up from 60,500 bpd the preceding month, data from trade and industry sources showed.
Still, India bought roughly 35 percent less crude and condensates from Nigeria in 2023 compare d to 2022, the data showed.
Last year, Russia became the leading supplier of crude to India, as it was sold at a discount after Western nations shunned purchases from Moscow following its invasion of Ukraine. Imports have slowed in recent months amid currency challenges and less attractive prices.
Nigeria has only recently cleared the bulk of its overhang of January cargoes, with February cargoes still on offer and its March programme expected next week.