India’s crude oil imports surge in November
India’s crude oil imports shot up by 890K b/d m-o-m to 4.47M b/d in November, recovering to the highest level since March after previously declining for the past two consecutive months, according to data from the Petroleum Planning and Analysis Cell (PPAC). Despite the monthly increase, imports declined by 220K b/d (or 4.5%) y-o-y. Total oil product exports increased by 220K b/d m-o-m to 4.06M b/d, however this is a decline of 2.07M b/d y-o-y. Exports of naphtha rose by 160K b/d m-o-m to 440K b/d, whereas diesel loadings fell by 130K b/d m-o-m and 1.03M b/d to 2.24M b/d, the lowest level since July.