India’s exports to US, China surge in August amid stronger global trade
India's merchandise exports to the US and China saw significant growth in August. Shipments to the US increased by over twenty-one percent while China saw a fifty-two percent rise. Overall exports climbed by more than twenty-six percent, driven by key sectors. Imports also grew, with electronics and crude oil shipments increasing substantially. This performance narrowed the merchandise trade…
India has largely avoided an oil shock resulting from the US-Iran conflict. However, a combination of factors is causing concern for the country's crude oil imports. Russian crude oil remains the largest component of India's oil imports, yet attacks on its export infrastructure could tighten supply. Saudi Arabia, another major crude supplier to India, has also experienced pipeline shut-offs due to Houthi attacks, which could result in reduced supply of up to 4% of global oil.
Additionally, China may start competing with India for Russian crude oil as Iranian oil supplies continue to be limited. With Iran's oil supplies already choked and global oil inventories depleted, fewer alternative supplies are available. As a country that imports around 90% of its crude oil, India faces a potential increase in crude oil prices due to global supply constraints and Russian crude discounts. The situation may lead to another hit to India's crude oil bill within months.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Russia oil squeeze, China competition, Saudi pipeline shut: India's crude crunch timesofindia.indiatimes.com
