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India's oil imports in June 2021 hit the lowest in 9 months

India's oil imports in June 2021 hit the lowest in 9 months

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According to a report from Moscow on the ICIS-MRC website on July 19, according to Reuters, India’s June crude oil imports fell to the lowest level in 9 months, due to low consumption and the new crown pneumonia blockade in the first two months, which led to an increase in fuel stocks. , The refinery reduced purchases.

According to data on tanker arrivals from trade sources, as the world’s third largest oil importer and consumer, India’s crude oil imports last month were approximately 3.9 million barrels per day, a decrease of approximately 7% from May, but compared with the previous year. An increase of 22% over the same period.

India is the second largest crude oil importer in Asia, and its crude oil imports fell last month.

An Indian refining official who asked not to be named said that after India’s fuel demand rose in February and March, the country’s refiners accelerated crude oil processing and oil imports. However, after the government took restrictive measures to contain the second wave of the coronavirus epidemic, fuel demand in April and May fell sharply, resulting in high fuel inventories in refineries.

However, according to data, India's crude oil imports from April to June increased by 11.7% year-on-year to 4.1 million barrels per day, because the blockade restrictions were not as severe as when the new crown epidemic first hit India last year.

Last month, Iraq remained India’s largest oil supplier, followed by Saudi Arabia. The UAE has risen four places to become the third largest supplier, while Nigeria has risen from fifth to fourth in May. The United States ranked fifth, followed by Canada. According to data, the proportion of India's oil imports from the Middle East in June rose to approximately 59% from 53% in the previous month, while the share of other regions declined.

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