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India's Crude Imports Rise

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India's crude oil imports rose 1.7% in October versus September as refiners cranked up crude runs to satisfy an increase in domestic demand as a result of the Hindu festival season and the end of seasonal monsoon rains, government data showed. The country's 23 refineries — with a combined nameplate capacity of 5.02 million b/d — imported 4.37 million b/d of crude in October versus 4.3 million b/d in September. October crude imports were also up 8.2% versus October of last year. Despite the increase in import volumes, India's import bill stayed flat in October at $12.8 billion, reflecting a dip in global crude oil prices and refiners' continuing purchases of deeply discounted crude from Russia.

Topics:
Crude Oil, Oil Demand
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