India’s crude oil imports in March fell by 1.1% from a year earlier to20.69 million metric tons, government data released on Friday showed.
Data from the Petroleum Planning and Analysis Cell’s (PPAC) website also showed imports of crude oil products dipped nearly 12% to 3.83 million tons on a yearly basis, while product exports decreased 6.4% to 5.66 million tons over the same period.
Product imports in March fell 6.1% from the previous month to 3.83 million tons, its lowest since July 2023, while exports gained 6.4%.
Exports of fuel oil jumped nearly 79% from the previous month to 0.25 million tons, while those of gasoline, or petrol, gained 6.3% to 1.34 million tons, the PPAC data showed.
Russia became the top oil supplier to India during fiscal year 2023/24 for a second straight year, squeezing the market share of Middle Eastern and OPEC producers to historic lows, ship tracking data from industry sources showed earlier in the month.
A ship controlled by U.S.-sanctioned Russian shipping giant Sovcomflot (SCF) discharged fuel oil at a western Indian port on Friday, two sources familiar with the matter said, indicating a resumption in the use of SCF vessels to supply Moscow’s key market after a brief halt.
Last week, India, the world’s third biggest oil importer and consumer, discussed recent trends and volatility in the global oil market and their impact on global energy stability with OPEC secretary general on Friday, a government statement said.