Monday, Aug 10, 2020 | Last Update : 02:04 AM IST

138th Day Of Lockdown

Maharashtra49026232728117092 Tamil Nadu2850242275754690 Andhra Pradesh2170401296151939 Karnataka164924842322998 Delhi1441271293624098 Uttar Pradesh118038698332028 West Bengal89666630601954 Telangana7751354330615 Bihar7578648673419 Gujarat68855517922604 Assam5549737225132 Rajasthan5065636310776 Odisha4419328698307 Haryana4005433444467 Madhya Pradesh3729827621962 Kerala3312020862107 Jammu and Kashmir2439020862459 Punjab2193014040539 Jharkhand165427503154 Chhatisgarh11408831987 Uttarakhand89015731112 Goa7947559570 Tripura6014408437 Puducherry5123291475 Manipur3635192711 Himachal Pradesh3242201513 Nagaland26888937 Arunachal Pradesh204913263 Chandigarh137482023 Meghalaya10234236 Sikkim8544061 Mizoram5672890
  Business   Market  21 Jun 2020  India's May crude oil imports post biggest decline since at least 2005

India's May crude oil imports post biggest decline since at least 2005

REUTERS
Published : Jun 21, 2020, 9:10 am IST
Updated : Jun 21, 2020, 9:10 am IST

Oil products imports eased 0.8% to 3.57 million tonnes year-on-year, while exports rose by 5.9% to 5.75 million tonnes

 Crude oil imports fell to 14.61 million tonnes. (AP Photo)
  Crude oil imports fell to 14.61 million tonnes. (AP Photo)

India’s crude oil imports in May fell 22.6% from a year earlier, it’s biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus.

Crude oil imports fell to 14.61 million tonnes, it’s lowest since 2015, Petroleum Planning and Analysis Cell data showed on Friday.

 

Oil products imports eased 0.8% to 3.57 million tonnes year-on-year, while exports rose by 5.9% to 5.75 million tonnes, gaining for a ninth straight month in May as slowing demand at home prompted companies to ship more oil overseas.

The country has relaxed coronavirus-led restrictions in lower risk areas, which is expected to improve demand and scale up crude processing.

The latest data bolstered those expectations with India’s fuel demand jumping nearly 50% in May from the previous month, signalling a slow revival of economic activity.

However, industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India to be months away as the monsoon season approaches while manufacturing activities remain low and transportation demand takes a hit in some parts of the country.

 

Diesel exports, which continued to account for a major share of exports, increased by nearly 33% to 2.79 million tonnes.

India revised down its crude oil imports figure for April to 16.55 million tonnes- a decline of 16% year-on-year, from 17.28 million tonnes reported earlier, the data showed.

Tags: crude oil, imports, fuel demand, refinery production, coronavirus lockdown