India’s crude oil imports increase in August

Oil

Indian crude oil imports increased by 320K b/d (or 10%) m-o-m to 3.58M b/d in August, recovering slightly after falling to the lowest level since October 2011 in July, according to data from the Petroleum Planning and Analysis Cell (PPAC). This is a decline of 1.1M b/d (or 24%) y-o-y however, and is 700K b/d lower than the five-year average for August. Total oil product exports rose by 190K b/d m-o-m to 1.09M b/d, with much of this increase coming from exports of diesel which increased by 180K b/d m-o-m.