Saturday, 1 August 2020
India's crude oil imports fell in June to their lowest level since February 2015, while its export of refined products also declined on a year-on-year basis, for the first time in almost a year, government data showed on Friday.Crude oil imports last month dropped about 19 per cent from a year earlier to 13.68 million tonnes, down for a third straight month, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.
"This is likely driven by not yet fully recovered oil demand and expectation that it might take longer to have Indian oil demand rising strongly again," said UBS analyst Giovanni Staunovo."Together with higher crude imports at the start of the year, crude tanks are still well filled, reducing the need to import more crude for now."Fuel demand in India, the world's third-biggest oil importer and consumer, fell 7.8 per cent in June compared with a year earlier as surging coronavirus cases and rising retail prices hammered demand.