Moneycontrol
Get App
Last Updated : Jul 23, 2019 09:46 PM IST | Source: Reuters

India's June crude oil imports fall to more than two-year low

Crude imports into the world's third-biggest oil importer fell to 16.87 million tonnes, which was also a more than 10 percent drop from May's 18.87 million tonnes.

India's June crude oil imports fell 13.4% from a year earlier to their lowest since February 2017, government data showed on Tuesday.

Crude imports into the world's third-biggest oil importer fell to 16.87 million tonnes, which was also a more than 10% drop from May's 18.87 million tonnes.

June's decline came amid the loss of Iranian oil supplies as Washington tightened sanctions on Tehran.

Close

In April, Trump administration had said it would not renew exemptions granted last year to buyers of Iranian oil. India through May was Iran's second-biggest oil customer after China.

Meanwhile, imports of oil products surged by about 20.4% from a year earlier, while year-on-year exports slipped 11.4% last month, the data showed.

Diesel exports climbed nearly 6% to 2.22 million tonnes in June month-on-month, though they were down 9.4% from a year earlier, due to weaker demand in the domestic sector due to the monsoon season.

Monsoon rains typically reduce the need for diesel used in irrigation pumps, which typically ramps up exports of the fuel.

India's strong diesel demand growth is likely to decouple from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Jul 23, 2019 09:38 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant