Crude oil: According to the government data released on Monday, India’s crude oil imports in January increased by 3.2 percent to 20.85 million metric tonnes, which is the highest since May 2024. India is the third largest oil importer and consumer in the world and this figure reflects the country’s oil demand.
Data from the Petroleum Planning and Analysis Cell (PPAC) suggests that in January 2024, the import of crude oil declined by 3.1 percent to 21.52 million metric tonnes on an annual basis. In January, the import of crude oil product increased by 13.8 percent to 4.36 million tonnes, while the product exports increased by 13 percent to 5.47 million tonnes.
The data from the oil ministry released earlier this month revealed that consumption in January increased by 3.2 percent to 20.49 million metric tons compared to a year ago, but declined on a monthly basis. India’s Reliance Industries has increased oil imports from Russia to 359,000 barrels per day for January, as the company has signed a long -term agreement with Russian oil chief Rosneft.
According to data received from trade sources, India’s oil imports from the US increased rapidly in January compared to December, making Washington, New Delhi the fifth largest oil supplier. Russian oil trade with China and India has been disrupted due to stringent US sanctions on Moscow.
