OPEC noted in its latest update that India’s crude oil imports remained robust in July, with refinery runs rising above the five-year seasonal average. Crude imports averaged 5.1 mb/d during the month, up 274 tb/d, or around 6% m-o-m. Russia remained the largest supplier, accounting for 56% of India’s crude imports, followed by the UAE at 9% and Saudi Arabia at 8%. Oman, Venezuela and Brazil each contributed around 4%.
On a y-o-y basis, India’s crude imports increased by 596 tb/d, or approximately 13%. In contrast, product imports weakened in July, declining by 63 tb/d, or more than 8% m-o-m, to an average of 693 tb/d. Compared with the same period last year, product imports fell by 542 tb/d, or 44%. Lower LPG imports weighed on overall product inflows, although this was partly offset by an improvement in fuel oil inflows.