India’s crude oil imports reach four-month high

Oil

India’s crude oil imports increased by 560K b/d m-o-m and 120K b/d y-o-y to 4.11M b/d in August, rising to the highest level since April after falling to a one-year low during the previous month, the Petroleum Planning and Analysis Cell (PPAC) reports. According to Reuters, Indian refiners boosted their crude imports in anticipation of higher oil demand across the fourth quarter amid easing coronavirus infections and ahead of the upcoming festival season. Total clean product exports rose by 100K b/d m-o-m to 1.13M b/d, supported by loadings of diesel which increased by 80K b/d m-o-m to 620K b/d, while gasoline shipments fell by 30K b/d m-o-m to a seven-month low of 250K b/d.