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India’s crude oil imports fall to seven-month low in May

Oil

India’s crude oil imports declined by 380K b/d m-o-m to a seven-month low of 4.08M b/d in May, falling after previously reaching a three-month high in April, according to data from the Petroleum Planning and Analysis Cell (PPAC). Total product exports increased by 390K b/d m-o-m to 1.31M b/d, with loadings of diesel and gasoline rising by 240K b/d m-o-m to 700K b/d and by 100K b/d m-o-m to 360K b/d respectively.

Indian refinery throughputs tumbled by 370K b/d m-o-m to 4.49M b/d in May, the lowest level since October 2020. Despite falling to a seven-month low this is still an increase of 620K b/d y-o-y as India’s initial coronavirus restriction measures slashed crude processing during the same month last year.