Crude oil imports fell to 14.61 million tones , its lowest since 2015, Petroleum Planning and Analysis Cell data shows
India's crude oil imports in May fell 22.6 percent from a year earlier, its biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of COVID-19.
Crude oil imports fell to 14.61 million tonnes,its lowest since 2015, Petroleum Planning and Analysis Cell data shows.
Oil products imports eased 0.8 percent to 3.57 million tonnes year-on-year, while exports rose by 5.9 percent to 5.75 million tones,gaining for a ninth straight month in May as slowing demand at home prompted companies to ship more oil overseas.
The country has relaxed COVID-19 pandemic led restrictions in lower risked areas, which is expected to improve demand and scale up crude processing.
The latest data bolstered those expectations with India's fuel demand jumping nearly 50 percent in May from the previous month, signalling a slow revival of economic activity.
However, Industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India to be months away as the monsoon season approaches while manufacturing activities remain low and transportation demand takes a hit in the some parts of the country.
Diesel exports, which continued to account for a major share of exports, increased by nearly 33 percent to 2.79 million tonnes.
India revised down its crude oil imports figure for April to 16.55 million tonnes a decline of 16 percent year-on-year, from 17.28 million tonnes reported earlier , the data showed.
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| Google Photos |
India's crude oil imports in May fell 22.6 percent from a year earlier, its biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of COVID-19.
Crude oil imports fell to 14.61 million tonnes,its lowest since 2015, Petroleum Planning and Analysis Cell data shows.
Oil products imports eased 0.8 percent to 3.57 million tonnes year-on-year, while exports rose by 5.9 percent to 5.75 million tones,gaining for a ninth straight month in May as slowing demand at home prompted companies to ship more oil overseas.
The country has relaxed COVID-19 pandemic led restrictions in lower risked areas, which is expected to improve demand and scale up crude processing.
The latest data bolstered those expectations with India's fuel demand jumping nearly 50 percent in May from the previous month, signalling a slow revival of economic activity.
 |
| Google Photos |
However, Industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India to be months away as the monsoon season approaches while manufacturing activities remain low and transportation demand takes a hit in the some parts of the country.
Diesel exports, which continued to account for a major share of exports, increased by nearly 33 percent to 2.79 million tonnes.
India revised down its crude oil imports figure for April to 16.55 million tonnes a decline of 16 percent year-on-year, from 17.28 million tonnes reported earlier , the data showed.
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