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

Oil

India’s crude oil imports decreased by 260K b/d m-o-m to 4.04M b/d in October, falling to the lowest level since July after reaching a five-month high in September, according to data from the Petroleum Planning and Analysis Cell (PPAC). Despite this decline imports remain up by 430K b/d y-o-y however, as surging COVID-19 cases restrained mobility and curbed consumption during the same month last year. Total clean oil product exports rose by 40K b/d m-o-m and 330K b/d y-o-y to a four-month high of 1.23M b/d, supported by gasoline shipments which increased by 32K b/d m-o-m to 270K b/d. Clean product imports also rose by 260K b/d m-o-m to 520K b/d, the highest since December 2020.