Indian crude oil imports from the US reach record high in February

Oil

Indian crude oil imports from the US increased by 177K b/d m-o-m and 305K b/d y-o-y to a record level of 545K b/d in February, accounting for 14% of the total 3.92M b/d import figure, according to Reuters reporting on data from trade sources. The US was India’s second largest supplier for the month, as relatively cheap crude prices amid muted demand and low refinery runs attracted business from refiners looking to offset record OPEC+ supply cuts. Imports from Saudi Arabia decreased by 325K b/d m-o-m and 464K b/d y-o-y to 445K b/d, the lowest level in a decade. Iraq remained India’s top crude oil supplier, despite imports falling by 264K b/d m-o-m to a five-month low 868K b/d.