For the month of October, crude oil import has surged to an almost 7-year high. In comparison to the yester-year, the oil import surged by 10.5% to 21.02 million tonnes. This is as per the PPAC Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Tuesday.
Imports have seen a surge following maintenance of refiners' units. Also, in the same reporting month, the import of crude oil from Saudi Arabia has increased to a 3-year high.
In India that accounts to be the largest consumer of crude oil, in a more general case consumptions gears up due to festive season demand as well as industrial units offtake just after monsoon season. It is to be noted that India is among 8 nations to continue to import crude oil after US sanctions on Iran.
However, during the same time imports to the country have fallen by 12% to about 466,000 bpd in October.