Categories: Business

India oil import in may sink to lowest in over 8 years


crude import

new Delhi. India's oil imports reached an 8-year low in the month of May. Information has been revealed quoting industry sources. According to a report in the news agency Reuters, Indian refineries are full of oil reserves and fuel demand is low due to Corona crisis, due to which companies have reduced the purchase of crude oil.

According to the data, India imported 30.18 lakh barrels per day in May. It was down 31 percent over April. At the same time, there has been a decline of 26 percent over the previous year. According to sources, in view of the sharp fall in crude oil prices, the purchase of crude oil continued during the lockdown in India, although a sharp drop in demand was also observed during that time. Because of this, the companies filled their oil reserves completely. At present, this effect is being seen in the import of crude oil.

During May, Saudi Arabia topped the country in supplying crude oil to India, in April also India took the maximum crude oil from Saudi Arabia. However, imports from Saudi Arabia declined by 28 per cent in May compared to April. At the same time, oil imports from Iraq also decreased by 43 percent, which is the lowest level since October 2016.

This post was published on June 23, 2020 11:31 pm

Content Team

Recent Posts

Ban on gaming apps hopes for opportunity for domestic sector

Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…

Coal India Q1 profit plunges 55 percent YoY

Photo: GOOGLE Coal India Q1 result new Delhi. Coal India's profit fell 55 per cent in the first quarter to…