Will Rubio’s Jamnagar Move Permanently Break The Russia-India Oil Axis?
US Crude Oil Inventories Buck Analyst Expectations Libya's eastern parliament ratified Turkey's… Simon Watkins is a former senior FX trader and salesman, financial journalist, and best-selling author.
He was Head of Forex Institutional Sales and Trading for… The announcement by India’s largest private refiner Reliance Industries Ltd that it is open to collaborating with U.S.
companies across oil, gas and clean energy, including in Venezuela, is a welcome signal to Washington that all is not lost in its ongoing attempts to utilise the Asian subcontinent as a key economic, political and military counterpoint to China’s dominance across the Asia-Pacific region.
It also comes at a time when New Delhi has become an increasingly important support mechanism for Russia, both economically and geopolitically.
President Donald Trump’s first term in office, the move was on to roll out as many relationship normalisation deals between Arab states and Israel (‘Abraham Accords’) as possible.
This strategy was to be the cornerstone of Trump’s foreign policy in the Middle East, which would advance U.S.
interests in the region whilst simultaneously damaging those of China and Russia, as analysed in full in my latest book on thenew global oil market order.
For this to work most effectively, Trump needed to hold out the carrot of another ‘big bid’ for oil and gas products in Asia to gradually replace China’s dominant buyer status among the Middle Eastern energy producers, and India looked like a great bet.
Subsequent data released in the first quarter of 2021 by the International Energy Agency (IEA) showed that India would make up the biggest share of energy demand growth, at 25 percent, over the next two decades, as it overtook the European Union (EU) as the world’s third-biggest energy consumer by 2030.
Indeed, India’s energy consumption was expected to nearly double as the nation’s GDP expanded to an estimated USD8.6 trillion by 2040 under its national policy scenario.
This was underpinned by a rate of GDP growth that added the equivalent of another Japan to the world economy by 2040, according to the IEA.
At the centre of this demand growth remains Reliance Industries’ Jamnagar supersite -- the world's largest single-location refining complex, boasting a capacity of 1.4 million barrels per day.Related: Saudi Aramco Offers Discounted Oil to Europe as Exports Recover Dovetailing perfectly into this idea were two other factors.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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