Fuel consumption in August witnesses biggest monthly dip since April

Refined fuel sales slipped to 14.39 million tonnes in August, about 16% lower compared with the consumption in the same month a year ago

India’s crude imports drop to decade low in July

Crude oil imports last month slumped about 36.4% from a year earlier to 12.34 million tonnes, or 2.92 million barrels per day

Investors remained wary of rising refined product inventories at a time when US bankers said rise in cases was slowing the economic recovery

Petrol sales by state companies fell by 1% to 2.03 million tonnes in July from June, and by about 11.5% from a year earlier

The potential hit to demand comes as OPEC+ countries, are set to step up output in August, adding about 1.5 million bpd to global supply

In July, however, local demand growth has slowed because of high fuel prices, renewed lockdown in parts of the country

Imports from Saudi Arabia rose to 8.88 million tonnes or 2.16 million bpd in June

In the US, energy drillers cut the number of oil and natural gas rigs operating to a record for an 11th week in a row

The two benchmark contracts fell 1% on Thursday after OPEC+ agreed to trim record supply cuts of 9.7 million barrels per day

The market will be watching next move from OPEC+ whose Joint Monitoring Committee will meet on Wednesday to recommend next level of cuts