Indian crude oil imports continue to decline in May

Oil

Indian crude oil imports fell by 590K b/d m-o-m to 3.45M b/d in May, declining for the fourth consecutive month to the lowest level since February 2015, according to data from the Petroleum Planning and Analysis Cell (PPAC). This is a 1M b/d (or 22.6%) decrease compared to the same month last year, as the country-wide lockdown which was in place due to the coronavirus pandemic has slashed oil demand. India has now started to relax these lockdown measures in low risk areas, reports Reuters.