India’s March Crude Imports Edge Up But Pandemic Concerns Loom


India’s annual crude imports fell nearly 13% in the fiscal year 2020/21 to 198.11 million tonnes, its lowest in six years as refiners cut crude processing as COVID-19 destroyed fuel demand.


India's annual crude imports fell nearly 13% in the fiscal year 2020/21 to 198.11 million tonnes
expandView Photos

India’s annual crude imports fell nearly 13% in the fiscal year 2020/21 to 198.11 million tonnes

India’s oil imports in March rose from the previous month, buoyed by an upturn in economic activity that could take a knock again because of renewed lockdowns in the world’s third-largest crude importer.

Crude imports rose 7.3% from February to 18.26 million tonnes, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed, although imports were still down about 6.5% year on year.

Louise Dickson, oil markets analyst at Rystad Energy, said the small slide in imports year on year in March could be attributed to a surge in crude prices.

“Indian oil demand recovery needs longer than 12 months to reach pre-pandemic levels,” she said.

Also Read: India Offers To Lift Regular Saudi Oil Volumes In June After May Cuts: Sources

Looking ahead, preliminary data showed Indian state refiners’ local fuel sales in April declined due to state-level restrictions aimed at stemming a rampant second wave of coronavirus infections.

kl0o7hto

Imports of oil products in March rose about 8.8% to 4.10 million tonnes year on year, while exports were up 2.5% to 6.08 million tonnes.

India’s annual crude imports fell nearly 13% in the fiscal year 2020/21 to 198.11 million tonnes, its lowest in six years as refiners cut crude processing as COVID-19 destroyed fuel demand, data compiled by Reuters showed.

K. Ravichandran, deputy chief rating officer at ICRA, said imports in 2021/22 could match the previous year’s level or, in a worst case scenario, could see a marginal slide.

Also Read: Oil Climbs Nearly 2% As Travel Seen Rising

Imports of oil products in March rose about 8.8% to 4.10 million tonnes year on year, while exports were up 2.5% to 6.08 million tonnes.

Diesel exports in March jumped 45.5% from the preceding month and up 3.7% year on year.

0 Comments

Asia’s third-biggest economy imports and exports refined fuels as it holds surplus refining capacity.

For the latest auto news and reviews, follow carandbike.com on Twitter, Facebook, and subscribe to our YouTube channel.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *