India’s Import of Crude Oil Increased in January

India is considered as the third highest crude oil consumer in this world and the recent imports of crude have increased to a new record of 4.93 Million barrels per day (MMbpd) in January 2018, which 12.5% more than the previous month and about 13.6% from last year.

On January 26, 2018, the crude oil price in the US touched the three-year high, as a result of massive imports from China and India, major supply cut and strong international demand of oil; which witnessed a rise about 40% since January 21 in the Brent and US crude prices.

It can be noted that the recent demand for crude oil imports has risen, due to current expansion of various refineries in India and also for the forthcoming spring maintenance of existing refineries.

According to the estimation made by Energy Information Administration (EIA), average Indian consumption in 2017 was 4.6 MMbpd and the in 2018; the consumption of crude will be 4.8 MMbpd, while Energy consultancy FGE assumed that the demand growth in India could increase about 4.3% in 2018.

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