Indian crude oil imports in May increased about 13.4% from a year ago due to cheap supplies from Russia to meet a resurgence in demand in the world’s third largest consumer of crude oil, according to official data shown. today wednesday.
According to data from the Petroleum Planning and Analysis Cell of the Ministry of Petroleum, Indian crude oil imports increased to 19.57 million tons last month, after falling by about 9.1% in April.
Data from commercial sources showed that Russia advanced to become India’s second largest oil supplier in May, pushing Saudi Arabia to third place. Iraq remained in first place, according to Reuters.
On the other hand, India’s fuel consumption increased 23.8% yoy in May, continuing to recover from a media relatively low in 2021, when the country was at the height of a second wave of COVID-19.
Imports of petroleum products from Asia’s third largest economy rose 15.8% to 3.23 million tonnes in May from a year ago, while exports fell about 1%.
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