23-11-2017

India’s Crude Oil imports up 4.9% in October

India, the second-largest Crude Oil consumer in Asia after China, imported 19.04 million tonnes of Crude Oil in October, up 4.9 percent from a year ago, according to latest government data.

Imports of refined oil products increased by 4 percent to 3.11 million tonnes during the month.

Meanwhile, India's exports of Oil products fell by about 2.8 percent in October to 5.99 million tonnes, government data showed.

India’s Crude Oil imports averaged 4.4 MMbpd (million barrels per day) in the first nine months of 2017-1.8% higher than the same period in 2016. Imports averaged 4.0 MMbpd in 2016.

India’s Crude Oil demand averaged 4.4 MMbpd in 2016. It’s expected to rise 3% to 4.5 MMbpd in 2017- compared to 2016.

OPEC estimates that India’s oil demand could rise 150% to 10.1 MMbpd by 2040 from ~4 MMbpd.

Source: Commodity Online

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