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India, the third-largest oil importer and consumer in the world increased its fuel imports to meet the surge in demand caused by robust industrial activity, and as a result, crude oil imports reached a 21-month high in January. Petroleum Planning and Analysis Cell (PPAC) statistics show that crude oil imports increased 5.7% YoY in January and 9.5% MoM to 21.39 million metric tonnes.
According to government figures released earlier this month, India's fuel consumption increased 8.2% YoY last month. "Oil demand growth and imports are likely to increase further over the coming years, supported by solid economic growth," said UBS analyst Giovanni Staunovo. However, Staunovo added that some seasonality in refinery runs due to maintenance and monsoon-driven demand will likely reduce import levels in the coming months.
Imports of crude oil products rose 5% from a year earlier to 3.97 million tons in January, while product exports rose 7.5% to 4.84 million tons, PPAC data showed. On a monthly basis, product imports rose 2.1% in January, while exports fell 17.1%.
India is expected to be the largest driver of global oil demand growth between 2023 and 2030, narrowly taking the lead from top importer China, the International Energy Agency said. In January, top oil exporter Saudi Arabia lowered the February price of its flagship Arab Light crude to Asian customers to the lowest level in 27 months.
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