As per Friday’s data from the Petroleum Planning and Analysis Cell, crude oil imports grew by about 9.7% from March and increased by nearly 14.3% to 20.87 million tonnes from a year ago, the highest since October 2018.
see photosOil products imports increased by 23.7% to 3.79 million tonnes from a year ago
India’s crude oil imports in April were the highest in 3-1/2 years as the world’s third-largest oil importer and consumer promoted discounted Russian oil purchases to improve demand and fight higher prices. As per Friday’s data from the Petroleum Planning and Analysis Cell, crude oil imports grew by about 9.7% from March and increased by nearly 14.3% to 20.87 million tonnes from a year ago, the highest since October 2018.
“Indian refiners continue to take Russian barrels, especially medium sour Ural grades, to capitalize on strong diesel cracks for domestic consumption and exports,” said Janiv Shah, Rystad’s downstream analyst.
“The refinery delayed the planned maintenance to take advantage of the prevailing market conditions as the refinery nameplate runs beyond capacity,” Shah said.
India’s imports of Russian oil have increased since the invasion of Ukraine, at a time when Western sanctions have prompted many oil importers to trade with Moscow.
This week’s tanker tracking data shows that Russia became India’s fourth largest oil supplier in April.
This week’s tanker tracking data shows that Russia became India’s fourth largest oil supplier in April.
Imports of oil products rose 23.7% to 3.79 million tonnes from a year ago, while exports climbed 36.9%. Government data shows that out of 5.36 million tonnes of exports in April, 2.69 million tonnes were of diesel.
UBS analyst Giovanni Stanovo attributed the increase in imports to Indian demand, which has recovered, and the country using discounted Russian crude for domestic and strategic storage purposes eventually refining that Russian crude and storing it. Responsible for exporting oil as a product.
India, Asia’s third largest economy, has surplus refining capacity as well as exports refined fuels.
Last month the country’s wholesale prices rose at the fastest pace in at least 17 years as the Ukraine war and a weakening rupee pushed up energy and raw material costs.
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