Mumbai: India’s crude oil imports in November rose. High petroleum consumption during the festival season and the end to the autumn refinery maintenance season are the main reason for this rise in imports.
According to ship tracking data provided by energy intelligence and analytics firms Kpler and Vortexa, India imported 4.5 million barrels per day (million bpd) of crude in November. It is around 3% more than the volumes imported in October.
India is the world’s third-largest consumer of crude oil and depends on imports to meet more than 85 per cent of its requirement. The country has a refining capacity of a little over 5 million bpd.
India’s Iraqi oil imports surged by nearly 25% sequentially in November. Oil imports from Iraq in November are pegged at around 1 million bpd. It was at 0.8 million bpd in October. Iraq is currently India’s second-largest supplier of crude oil, behind Russia. Before the war in Ukraine, Iraq was India’s top source of crude oil.
Oil imports from Saudi Arabia declined by around a fifth. In November, Indian refiners imported around 0.7 million bpd of oil from Saudi Arabia, down more than 20% from October. Saudi Arabia remains India’s third-biggest supplier of crude oil. India’s Russian oil import volumes in November stands at around 1.7 million bpd. In October, oil imports from Russia were around 1.6 million bpd.