New Delhi: Indian crude oil imports in June fell to the lowest in nine months, because refining was limited to purchases amid higher fuel inventories due to low consumption and renewing the locking of Coronavirus in the previous two months.
India, importers and consumers of the largest oil in the world, were sent in around 3.9 million barrels per day (BPD) from crude oil last month, around 7% down from May, but 22% higher than last year’s level, the arrival of tanker arrives obtained from trade sources shows.
India is the second major importer in Asia, after China, to post a decline in crude oil imports last month.
After the uptick in demand for Indian fuel in February and March, the country’s refineries played processing crude oil and oil imports, said an Indian refining official who refused to be mentioned as he was not authorized to speak with the media.
However, fuel demand fell sharply in April and May after the government imposed restrictions to curb the second wave of Coronavirus, leaving distillation with high fuel supplies.
“We have enough fine fuel inventory so there is little room to increase crude oil imports,” said the source, added that the export market was not attractive because of low profits.
However, Indian crude oil imports between April and June rose 11.7% year 4.1 million BPD because the lock sidewalk was not as bad as last year when Covid-19 first hit the nation, according to data.
Last month, Iraq remained the top oil supplier to India, followed by Saudi Arabia.
The United Arab Emirates climbed four notches to emerge as the third largest supplier while Nigeria rose to No.4 of No.5 in May.
The United States is located at No.5, followed by Canada.
The oil part of the Middle East in Indian imports increased by around 59% in June from 53% in the previous month, while other areas declined, data showed.