17-02-2018

India’s Crude Oil imports hit record high in January

India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Reuters showed.

The world’s third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed.

Imports in January were high as state-run refiners, which operate two-third of India’s nearly 5 million bpd capacity, usually boost runs in the March quarter to meet government-set targets.

India, which imports about 80 percent of its oil needs, has emerged as a key driver for growth in global oil demand.

Due to higher imports and rising global crude prices, India’s oil import bill in January surged by 42.6 percent from a year ago to $11.66 billion.

The country is set to surpass China as the fastest-growing oil products market in Asia, with fuel demand growing by 6.1 percent in 2018, according to a report by the U.S. Energy Information Administration.

Source: Commodity online

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