India’s oil imports fell in June, hitting their lowest since October 2011, as refiners curbed purchases attributable to upkeep turnarounds and weaker gas demand, information from trade sources confirmed.
India, the world’s third greatest oil shopper and importer, acquired 3.2 million barrels per day (bpd) oil in June, a decline of 0.4% from Could and about 28.5% from a yr in the past, the information confirmed.
Final month, India didn’t import oil from Venezuela for the primary time since June 2009, the information additionally confirmed.
Refiners together with Indian Oil Crop, the nation’s prime refiner, Reliance Industries, operator of the world’s greatest refining complicated, and Bharat Petroleum Corp plan to close models for upkeep.
Indian gas consumption, a proxy for oil demand, usually tapers throughout the four-month monsoon season from June as rains hit building and transportation.
Within the first of half July, India’s gas demand slowed in contrast with the earlier month attributable to excessive retail costs and renewed coronavirus lockdowns in elements of the nation.
Non-public refiner Nayara Vitality, half owned by Russian oil main Rosneft, final month imported a cargo of Khafji oil from Impartial Zone, whose manufacturing belongs to each Saudi Arabia and Kuwait, making it India’s first buy from the area since September 2015.
In June, Iraq changed Saudi Arabia as prime oil provider after a niche of two months, whereas UAE and Nigeria retained the third and fourth slots, the information confirmed.
The USA was in fifth place, a place held by Venezuela in Could.
The share of oil from the Center East in India’s imports rose to a seven month excessive of 67.12% in June, whereas imports from Latin America plunged to their lowest in 11 years as India didn’t import Venezuelan oil which is going through U.S. sanctions.
Nayara has halted imports from Venezuela whereas Reliance has obtained permission from america to renew imports from the OPEC member in change for diesel.
OPEC’s share of India’s oil imports surged to a five-month excessive in June though the group’s total share of imports in April-June, the primary quarter of 2020-21, continued to be the bottom since no less than 2011.
This story has been printed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.
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