India`s January crude imports hit 21-month high
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India's crude oil imports jumped to a 21-month high in January as the world's third-biggest oil importer and consumer shipped in more fuel to meet surging demand led by strong industrial activity.
Crude oil imports in January rose 9.5% month-on-month to 21.39 million metric tons, and were up 5.7% on year-on-year basis, Petroleum Planning and Analysis Cell (PPAC) data showed on Thursday.
India's fuel consumption rose 8.2% year-on-year last month, government data showed earlier this month.
India's manufacturing industry improved substantially at the start of 2024, with factory activity expanding at its fastest pace in four months in January, while carmakers reported record sales last month.
Imports of crude oil products rose 5% from a year earlier to 3.97 million tons in January, while product exports rose 7.5% to 4.84 million tons, data from the PPAC website showed.
On a monthly basis, product imports rose 2.1% in January, while exports fell 17.1%.
India is expected to be the largest driver of global oil demand growth between 2023 and 2030, narrowly taking the lead from top importer China, the International Energy Agency said.
In January, top oil exporter Saudi Arabia lowered the February price of its flagship Arab Light crude to Asian customers to the lowest level in 27 months.
