Thursday , February 25 2021

Crude oil imports to India reach the highest level in at least 7 years

India's crude oil imports in October rose to a peak of at least seven years, according to the oil ministry's Petroleum Planning and Analysis (PPAC).

Gross imports in October rose 10.5% compared to the previous year to 21.02 million tonnes, the highest monthly number of imports in PPAC data since April 2011.

Imports increased as many refineries regained markets after unit maintenance.

In October, India's oil imports from Africa rose to more than three years.

In India, the world's third largest oil importer has grown since October due to increased fuel demand during the festival phase and as industrial activity is rising after months of monsoon rains.

India is among the eight countries that have resigned from the United States to continue importing crude oil from Iran without penalty after the sanctions are reinstated in Tehran.

Indian oil imports from Iran decreased by about 12% to about 466,000 bpd in October. Iran's total purchases from Iran during the April-October period, in the first seven months of the current year, increased 34%.

Meanwhile, imports of petroleum products have fallen by almost 20% and exports have fallen by more than 4%, according to data.

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