India's crude oil imports hit record high in January

Posted by Daily Shipping Times on 22-02-2018        Tweet

NEW DELHI: India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed.

The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed.

"All refineries are running high amidst a strong recovery in demand, leading to higher (oil) imports," said Senthil Kumaran, senior oil analyst at FGE. India, which imports about 80 percent of its oil needs, has emerged as a key driver for growth in global oil demand.

The Country is set to surpass China as the fastest-growing oil products market in Asia, with fuel demand growing by 6.1 percent in 2018, according to a report by the U.S. Energy Information Administration.