India’s crude imports reach one-year high in December

Oil

India’s crude oil imports increased by 160K b/d m-o-m to 4.65M b/d in December, rising for the second month in a row to a one-year high, according to data from the Petroleum Planning and Analysis Cell (PPAC). This is still a decline of 200K b/d y-o-y however, after refiners previously ramped up their crude purchasing in order to meet rebounding fuel demand. Across 2021 shipments averaged 4.25M b/d, which is an increase of 210K b/d y-o-y but lower than the 4.51M b/d imported across 2019.

Total clean oil product exports increased by 170K b/d m-o-m and 310K b/d y-o-y to a two-year high of 1.46M b/d in December, supported by loadings of diesel which rose by 80K b/d m-o-m to a 20-month high of 770K b/d. Shipments of gasoline also built by 80K b/d m-o-m to 370K b/d, the highest since May 2017.