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India Oil Imports Hit Record High

Oil

India, the world’s third biggest oil importer, imported a record 4.83M b/d in September, up 19% m-o-m and 4.2% y-o-y, as several refiners resumed operations after extensive planned maintenance in order to cope with rising domestic demand, Reuters reports. Meanwhile, maintenance turnaround at some refineries led the Indian Oil Corporation to postpone the shutdown of its 300,000 b/d Paradip refinery to late April.

During the first 9 months of 2017, Indian oil imports were up 1.8% y-o-y to about 4.4M b/d, with the majority of supplies originating from the M. East, followed by Africa and L. America.