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NEW DELHI: Of India Import of crude oil June fell to its lowest level since February 2015, while year-on-year refined product exports fell for the first time in nearly a year, government data showed on Friday.
Last month, crude oil imports fell by almost 19% to 13.68 million tonnes for the third straight month, data from data Petroleum scheme And showed the analysis cell (PPAC) of the Ministry of Petroleum and Natural Gas.
“It is likely that it has not yet been fully recovered. Demand for oil UBS analyst Giovanni Stanovo said it is expected that it may take longer for Indian oil demand to rise strongly again.
“With high crude imports at the beginning of the year, crude tanks are still well filled, reducing the need to import more crude for now.”
Fuel demand in India, the world’s third-largest oil importer and consumer, fell 7.8% in June from a year earlier Coronavirus cases And rising retail prices boosted demand.
“India’s fuel demand will continue to decline as coronovirus cases continue to skyrocket,” said OANDA senior market analyst Edward Moya.
India’s number of COVID-19 cases jumped by a record 55,078 on Friday to 1.64 million in India.
Oil product exports fell nearly 6%, their first year-on-year decline since August 2019, driven primarily by the decline Exports diesel, Which slipped to its lowest level since April last year.
Diesel shipments also recorded their first year-on-year decline since August last year, down 5.7% to 2.09 million tonnes.
“To contain the growing inventories, some refineries are now planning to maintain and shutdown in the third quarter of 2020, which will ease exports,” said oil product analyst Aaron Chyong of consultancy Energy Aspects.
The country’s top refiners, Indian Oil CorpSaid, it will continue to operate its refineries below capacity in 2020-21 as it is expected to reduce local and foreign fuel demand.
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