India’s March Crude Imports Edge Up But Pandemic Concerns Loom


India’s annual crude imports fell almost 13% within the fiscal 12 months 2020/21 to 198.11 million tonnes, its lowest in six years as refiners lower crude processing as COVID-19 destroyed gas demand.




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India’s annual crude imports fell almost 13% within the fiscal 12 months 2020/21 to 198.11 million tonnes

India’s oil imports in March rose from the earlier month, buoyed by an upturn in financial exercise that might take a knock once more due to renewed lockdowns on the planet’s third-largest crude importer.

Crude imports rose 7.3% from February to 18.26 million tonnes, information on the web site of the Petroleum Planning and Analysis Cell (PPAC) confirmed, though imports have been nonetheless down about 6.5% 12 months on 12 months.

Louise Dickson, oil markets analyst at Rystad Energy, mentioned the small slide in imports 12 months on 12 months in March may very well be attributed to a surge in crude costs.

“Indian oil demand recovery needs longer than 12 months to reach pre-pandemic levels,” she mentioned.

Also Read: India Offers To Lift Regular Saudi Oil Volumes In June After May Cuts: Sources

Looking forward, preliminary information confirmed Indian state refiners’ native gas gross sales in April declined as a result of state-level restrictions aimed toward stemming a rampant second wave of coronavirus infections.

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Imports of oil merchandise in March rose about 8.8% to 4.10 million tonnes 12 months on 12 months, whereas exports have been up 2.5% to six.08 million tonnes.

India’s annual crude imports fell almost 13% within the fiscal 12 months 2020/21 to 198.11 million tonnes, its lowest in six years as refiners lower crude processing as COVID-19 destroyed gas demand, information compiled by Reuters confirmed.

Ok. Ravichandran, deputy chief ranking officer at ICRA, mentioned imports in 2021/22 might match the earlier 12 months’s stage or, in a worst case situation, might see a marginal slide.

Also Read: Oil Climbs Nearly 2% As Travel Seen Rising

Imports of oil merchandise in March rose about 8.8% to 4.10 million tonnes 12 months on 12 months, whereas exports have been up 2.5% to six.08 million tonnes.

Diesel exports in March jumped 45.5% from the previous month and up 3.7% 12 months on 12 months.

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Asia’s third-biggest economic system imports and exports refined fuels because it holds surplus refining capability.

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