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

Oil

India’s crude oil imports declined by 660K b/d m-o-m to 4.15M b/d in August, falling to the lowest level since October 2021 after previously reaching a three-month high in July, according to data from the Petroleum Planning and Analysis Cell (PPAC). Imports came under pressure from ongoing monsoon rainfall which has weighed on activity and slowed consumption, according to Reuters. Across the first eight-months of the year arrivals have averaged 4.64M b/d, which is an increase of 400K b/d compared to the same period last year.