Home BUSINESS Crude oil imports in June lowest in over five years; exports dip

Crude oil imports in June lowest in over five years; exports dip

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(Representative picture)

NEW DELHI: India’s crude oil imports fell in June to their lowest degree since February 2015, whereas year-on-year refined product exports declined for the primary time in virtually a yr, authorities information confirmed on Friday.
Crude oil imports final month dropped about 19% from a yr earlier to 13.68 million tonnes, down for a 3rd straight month, information from the Petroleum Planning and Analysis Cell (PPAC) of the ministry of petroleum & pure fuel confirmed.
“This is probably going pushed by not but totally recovered oil demand and expectation that it would take longer to have Indian oil demand rising strongly once more,” stated 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 shopper, fell 7.8% in June in contrast with a yr earlier as surging coronavirus circumstances and rising retail costs hammered demand.
“India’s fuel demand recovery will continue to stall as coronavirus cases continue to skyrocket,” stated OANDA senior market analyst Edward Moya.
India’s tally of COVID-19 circumstances jumped by a document 55,078 on Friday to 1.64 million in India.
Oil product exports fell about 6%, their first year-on-year fall since August 2019, primarily pushed by declining diesel exports, which slid to their lowest since April final yr.
Shipments of diesel additionally registered their first year-on-year decline since August final yr, falling 5.7% to 2.09 million tonnes.
“To contain the rising inventories, some refineries are now planning to conduct maintenance and shutdowns in late third quarter of 2020, which will likely keep exports in check,” stated Aaron Cheong, oil product analyst at consultancy Energy Aspects.
The nation’s high refiner, Indian Oil Corp, stated it might proceed to function its refineries under capability in 2020-21 because it anticipated native and abroad gas demand to stay subdued.

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