Daily Energy Report
India crude imports, Distillate inventories, World gas supplies, China ethane imports, China refining, US shale drilling, Iran sanctions, Argentina shale, Ukraine electricity to EU, and more.
July 3, 2025
Note 1: There will be no Daily Energy Report tomorrow as the markets will be closed in observance of the US 4th of July holiday.
Note 2: Members of our team will be traveling to Vienna next week for OPEC Seminar. The Daily Energy Report will be shorter, but we will include updates from the Seminar.
For more details:
https://seminar.opec.org/
Also, this is an important publication released earlier today.
https://x.com/OPECSecretariat/status/1940457243717111977
Note 3: New interview with information on the impact of EVs in China on oil demand:
Chart of the Day
S&P Global: US, Brazilian Crudes Witness Sharpest Growth in Indian Crude Basket in H1 2025
Summary
India's crude oil imports from the US rose over 50% and from Brazil by 80% in the first half of 2025. Renewed diplomacy with the US and Brazil has supported this trend, alongside China's reduced US crude demand. US shipments reached 271 kb/d, while Brazilian exports have surged. However, high shipping costs and long transit times limit rapid expansion. Russia remained India’s top supplier, while imports from the Middle East and Angola declined. Nigerian imports rose but may drop as Dangote refinery ramps up.
Figure (1) shows trends in India’s crude oil imports by country of origin since 2021. It highlights a surge in imports from Russia following the invasion of Ukraine and subsequent G7 and EU sanctions. The chart includes imports from the US and Brazil. Discussion of India's imports from the US and Brazil follows, as the published story misses certain points.