India’s January crude oil imports slip from one-year highs

crude oil imports

India’s crude oil imports in January slipped from one-year highs hit in the previous month, though fuel demand is expected to recover as several states ease coronavirus restrictions after a decline in cases.

Crude oil imports fell about 1.7% to 19.26 million tonnes last month from a year earlier, government data showed on Friday. Lower imports corresponded with the country’s oil demand falling 0.2% on an annual basis in January.

It’s impossible to ignore the impact of the Omicron variant of coronavirus and that along with high oil prices hampered fuel demand in January, said Craig Erlam, senior market analyst at OANDA.

“The price will continue to be a headwind as far as demand is concerned in the near-term but with the country emerging from another COVID wave, I’d expect to see it continue to recover.”

January crude imports decreased by about 2.6% from the previous month but were 2.9% higher from pre-pandemic levels of December 2019.

The International Energy Agency (IEA) in its monthly report said Indian oil demand is projected to increase by 320,000 barrels per day (bpd) in 2022, which would surpass the 2019 rate by 40,000 bpd, with LPG/ethane, gasoline and naphtha rising the most.

Oil product imports rose 12.4% to 3.43 million tonnes from a year earlier in January, while exports jumped 14.4%.

Refiners in Asia are waiting to resume imports from Iran amid hopes of an agreement to revive Tehran’s 2015 nuclear deal with world powers. A refiner from India, Iran’s No. 2 customer, is in talks with Iran for sourcing its oil, an Indian refining source said.

India’s oil imports from Iraq surged to a 29-month high last month, data from shipping and industry sources showed.

January oil imports of India’s Reliance Industries, owner of the world’s biggest refining complex, jumped about 8.3% from December.

Related Posts
Sebi has fined 9 firms a total of Rs 1.6 billion for illegal trading
Securities and Exchange Board of India (Sebi)

On Tuesday, the capital markets regulator Sebi fined nine organizations a total of Rs 1.62 crore for manipulating Sterling Green Read more

Oil is unsteady following a near-6% drop due to economic concerns

Early on Monday, oil prices fell as investors refocused on tight supply, however, the mood remained shaky following a 6% Read more

Oil prices dropped as the US rate hiked, but constrained supply remains a concern
Brent crude prices

Oil prices fell on Thursday, erasing early gains and heading down, a day after a drop sparked by a US Read more

According to SEA, India’s palm oil imports fell 33% to 514,022 tonne in May
India's palm oil imports

In May of this year, India's palm oil imports fell by 33.20 percent to Rs 5,14,022 tonnes, while refineries sent Read more

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x