India’s crude oil imports fall to eight-month low

Oil

India’s crude oil imports declined by 190K b/d m-o-m to 3.89M b/d in June, falling for the second consecutive month to the lowest level since October 2020, the Petroleum Planning and Analysis Cell (PPAC) reports. Imports have remained suppressed as refiners reduced purchasing amid India’s second wave of coronavirus infections, according to Reuters, however arrivals remain up by 540K b/d y-o-y after a nationwide lockdown was previously imposed in April 2020. Total clean product exports edged up by 20K b/d m-o-m to a three-month high of 1.33M b/d, supported by shipments of naphtha which increased by 40K b/d m-o-m to 180K b/d.