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India's June crude oil imports lowest in over five years; exports dip

Aug 01, 2020 14:18 IST

India's crude oil imports in June dropped 19% year-on-year to 13.68 million tonnes, their lowest level since February 2015, data from 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. Fuel demand in India, the world’s third-biggest oil importer and consumer, fell 7.8% in June. Oil product exports fell about 6%, their first year-on-year fall since August 2019, primarily driven by declining diesel exports.

Global Business