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21-12-2018

India’s November crude imports mark biggest decline in nearly four years

India’s monthly crude oil imports in November marked their biggest year-on-year decline in nearly four years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Thursday.

The country’s November crude imports slid 11.4% to 17.01 million tonnes, registering their largest year-on-year percentage fall since Feb. 2015, when it tumbled 21.3%, the government data showed.

The fall was largely attributed to maintenance shutdowns at some Indian refineries.

In November, oil imports from Iran also declined to the lowest level in a year as purchases were curbed as a result of the reimposition of US sanctions on Iran.

Meanwhile, imports of oil products declined about 7 percent and exports fell 6.8 percent, the data showed.

Source: Live Mint

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