Login ID:
Password:
Partner Login
Contact Us : 7066511911

India's June Crude Oil Imports Lowest in Over 5 Years

1 Aug 2020 5:59 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

India’s crude oil imports fell in June to their lowest level since February 2015, while year-on-year refined product exports declined for the first time in almost a year, government data showed.

Crude oil imports last month dropped about 19% from a year earlier to 13.68 million tonnes, down for a third straight month, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.

“This is likely driven by not yet fully recovered oil demand and expectation that it might take longer to have Indian oil demand rising strongly again,” said UBS analyst Giovanni Staunovo.

“Together with higher crude imports at the start of the year, crude tanks are still well filled, reducing the need to import more crude for now.”

Fuel demand in India, the world’s third-biggest oil importer and consumer, fell 7.8% in June compared with a year earlier as surging coronavirus cases and rising retail prices hammered demand.

“India’s fuel demand recovery will continue to stall as coronavirus cases continue to skyrocket,” said OANDA senior market analyst Edward Moya.


(Commodities Control Bureau)


N       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Energy Natural Gas (NYMEX) Weak Price Trend / Next ...
Crude Oil (NYMEX) Consolidating Near Uptrend Support ...
Energy Today: Crude Oil Steady on Fed Chair Comment of ...
Energy Natural Gas (NYMEX) Weak Price Trend / Next ...
Crude Oil (NYMEX) Consolidating Near Uptrend Support ...
more
Top 5 News
Branded Processed Pulses At Mumbai APMC Market- 12th Ap...
Spot & Futures Jeera Extend Southward Price Rally as Lo...
Burma Urad Gains in Major Mkt
BMD Close: Palm slumps 3% to one-week low as March stoc...
Kottayam/Kochi Rubber Rates 12 April 2021
Top 5 Special Reports
Cotton Yarn Prices to Resume Northward Rally; Expanding...
Weekly: Most Pulses Rise Over the Week Amid Mill Purcha...
Weekly: NY Cotton Gains For the First Time in Seven We...
Weekly: NY Sugar Ends Positive on Brazil Weather Concer...
Chana Special: Lower Production & Carry Forward Stocks ...
Copyright © CC Commodity Info Services LLP. All rights reserved.