India’s October crude oil imports posted their steepest fall since July and seventh consecutive monthly year-on-year decline as rising COVID-19 cases limited mobility and curbed consumption, government data showed on Monday.
Crude oil imports into the world’s third-biggest oil importer and consumer fell 21.6% from a year earlier to 15.14 million tonnes, or 3.58 million barrels per day (bpd), data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.
“Due to the surging coronavirus cases, travel is still being avoided in the tier two and tier three cities and that along with muted air travel is weighing on oil demand in India,” said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai, India.
“Also, when we come across such a huge fall (in imports), it generally points towards the fact that the existing demand is already being met by inventory from prior months.”
India’s crude imports fall 21% y/y in October https://graphics.reuters.com/INDIA-FUEL/yxmvjeqeepr/index.html