Daily Energy Report
India oil demand, China naphtha imports down, Trump hurts oil industry, AI pullback, Permian produced water, Korea/US LNG ships, US duties on solar imports, India coal, Trump eco-opposition, and more.
April 22, 2025
Due to travel requirements, we will not publish the Daily Energy Report tomorrow, April 23. As always, if any important news breaks, we will publish a special report. Otherwise, the Daily Energy Report will resume on Thursday, April 24.Oil prices surged about 3% today, alongside other markets, driven by optimism for reduced tariff conflicts. Claims that tighter Iran sanctions caused the rise in oil prices are unfounded.
Chart of the Day
Reuters: Russian Oil Drives OPEC Share in India’s Imports to Record Low, Data Shows
Summary
In fiscal year 2024-25, OPEC’s share of India’s oil imports fell to a record low as Indian refiners increased purchases of discounted Russian crude, making Russia India’s top oil supplier for the third consecutive year. India imported 4.88 mb/d, up 5% from the previous year, with Russian oil rising to 1.76 mb/d (36% share). Meanwhile, imports from traditional Middle Eastern suppliers like Saudi Arabia and Iraq declined due to higher prices, reducing the region’s share in India’s oil mix. The US was India’s fourth-largest supplier in March.
Figure (1) illustrates the role of Russian oil in India. The chart's red area shows how Russian crude imports surged after the US and EU discussed sanctions, imposed by late 2022.