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India Increase Crude Imports y/y

OIL

India imported 19.57m tons of crude oil in May. An increase of 13.4% from a year ago but down from 21.53m tons imported in April.

  • Diesel exports have risen 3.8% year on year and 13.5% since last month and are towards the higher end of the longer-term range.
  • Gasoline exports have fallen 13.3% year on year and 17.5% since a peak last month and are back to near Feb22 levels. Gasoline exports have been higher than normal over the last 4 months at an average of 1344k metric tons compared to an average of 1030k metric tons over the previous 3 years.
  • Crude imports have gradually increased since the drop off in mid 2020 and are now back at or slightly above 2019 levels.

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