India’s crude oil imports climb 16% in September

India’s crude oil imports increased 16% in September compared to August, reaching 22.26 million metric tons, according to government data.

The September imports were 9% higher than the 20.35 million tons imported in the same month last year, data from the Petroleum Planning and Analysis Cell showed.

Oil product imports decreased 0.8% from August but fell about 40% compared to September last year. Product exports rose more than 6% on an annual basis to 5.22 million tons.

“The increase in imports has been largely driven by the return of Middle Eastern barrels and lower Russian volumes, reflecting a normalization of India’s crude slate as Gulf supply availability recovers,” said Giovanni Staunovo, an analyst at UBS.

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