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India’s crude imports fall in May

Oil

India’s crude oil imports decreased by 630K b/d m-o-m to 4.63M b/d in May, falling after previously surging to the highest level on records dating to 2008 in April, according to data from the Petroleum Planning and Analysis Cell (PPAC). Despite this decline crude imports still remain up by 550K b/d y-o-y however. Clean oil product exports eased by 10K b/d m-o-m to a three-month low of 1.31M b/d, with shipments of gasoline falling by 80K b/d m-o-m to 310K b/d, whereas loadings of diesel increased by 70K b/d m-o-m to 730K b/d. Imports of fuel oil declined by 120K b/d m-o-m to an eight-month low of 100K b/d.