India's crude oil imports spike 13% on year in Jul-26

OPEC stated in a latest update that India?s crude imports remained strong in July, as refinery runs moved above the five-year average for this time of year. Crude imports into the country averaged 5.1 mb/d for the month, representing an increase of 274 tb/d, or about 6%, m-o-m. Russia was the top crude supplier with a share of 56% in July, followed by the UAE with 9% and Saudi Arabia with 8%. Oman, Venezuela and Brazil held 4% each. Compared with the same month last year, crude imports were 596 tb/d, or about 13% higher. India?s product imports declined in July, falling by 63 tb/d, or over 8%, m-o-m, to average 693 tb/d. Y-o-y, product imports were down by 542 tb/d, or 44%. Constrained LPG imports weighed on product inflows, while fuel oil inflows improved.

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