India buys US LPG amid Middle East tensions, diversifies suppliers
With tensions in the Middle East making gas supplies less reliable, India is now buying more liquefied petroleum gas (LPG) from the US to keep up with demand.
Oil companies aren't just sticking to their long-term deals. They're also grabbing extra shipments on the spot market, just to make sure there's no shortage at home.
Plus, India has widened its supplier list from 10 to 15 countries, bringing in LPG from places like Russia and Australia too.
Gulf Coast LPG nears 2.4 million bpd
US Gulf Coast LPG exports have nearly hit record highs at 2.4 million barrels a day, helping global LPG trade bounce back above its five-year average.
With countries like India and those in Southeast Asia competing for limited butane supplies, it's clear that energy markets are getting creative (and a bit competitive) to keep everyone fueled up.