Customer Logins

Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.

Customer Logins

My Logins

All Customer Logins
S&P Global Commodity Insights
  • S&P Global
  • S&P Dow Jones Indices
  • S&P Global Market Intelligence
  • S&P Global Mobility
  • S&P Global Commodity Insights
  • S&P Global Ratings
  • S&P Global Sustainable1
Close
Discover more about S&P Global’s offerings.
Investor Relations
  • Investor Relations Overview
  • Presentations
  • Investor Fact Book
  • News Releases
  • Quarterly Earnings
  • SEC Filings & Reports
  • Executive Committee
  • Merger Information
  • Governance
  • Stock & Dividends
  • Shareholder Services
  • Contact
English
  • Español
  • 中文网站
  • Português
  • 한국어
  • हिंदी
  • English (Australia)
  • 日本語
Support
  • Get Support
  • System Notifications
  • Delivery Platforms
  • Regulatory Engagement
Login
  • Commodity Insights Login
  • Access IHS Markit Products
Register
  • Commodities
  • Products & Services
  • Methodology
  • Market Insights
  • Energy Transition
  • Events
  • S&P Global
  • S&P Dow Jones Indices
  • S&P Global Market Intelligence
  • S&P Global Mobility
  • S&P Global Commodity Insights
  • S&P Global Ratings
  • S&P Global Sustainable1
  • Oil Upstream LNG Natural Gas Electric Power Coal Shipping Petrochemicals Metals Agriculture
    Latest in Commodities
    Watch: Market Movers Asia, May 29-June 2: Asian LNG prices subdued on supply glut, Indonesian thermal coal output to rise

    In this week's Market Movers Asia with Stuti Chawla: Supply glut weighs on Asian LNG prices Demand...

    Middle East diesel exports to western Europe head lower after record April

    Diesel exports from the Middle East to western Europe are heading for a slowdown in May after a...

    India may export 30 mil mt/year of coal to Bangladesh, Sri Lanka by 2030

    India can export around 30 million mt/year of coal to Bangladesh and Sri Lanka by 2030 from the...

  • Oil LNG Natural Gas Electric Power Coal Shipping Petrochemicals Metals Agriculture Energy Transition
    I Need
    Advisory Solutions/Consulting Market Insights and Analytics Commodity Prices and Essential Market Data Real-Time News, Prices and Analysis Maps and Geospatial Data Forward Curves and Risk Valuation Data
    Data and Distribution
  • Our Methodology Methodology & Specifications Price Assessments Subscriber Notes Price Symbols Symbol Search & Directories Corrections Complaints
    References
    Market On Close Index Sourced Data (Survey) Methodology Review & Change MOC Participation Guidelines Holiday SEE ALL REFERENCE TOOLS
  • Latest News Headlines All Topics Videos Podcasts Special Reports Infographics Insights Magazine Insight Blog    Research & Analysis Top 250 Rankings   
    Latest in Market Insights
  • PLATTS ANALYTICS PRODUCT PLATFORM
    ACCESS ANALYTICS HUB
  • All Events Webinars Conferences Methodology Education Training and eLearning Forums Global Energy Awards    Global Metals Awards   
    Featured Events
    Forums Seoul Commodity Market Insights Forum
    • 20 Jun 2023
    • Seoul, Korea
    Forums APPEC 2023
    • 20 Jun 2023
    • Seoul, Korea
    Forums Navigating the Future: Energy Transition & Carbon Markets at APPEC
    • 20 Jun 2023
    • Seoul, Korea
BLOG Aug 05, 2020

Massive jump in Indian crude oil imports after June’s record lowest levels

Contributor Image
Fotios Katsoulas

India's crude oil imports dropped to 2.82 million b/d in June, the lowest observed at least since early 2017, according to data by IHS Markit Commodities at Sea. Consumption and demand were highly affected earlier this year, especially during the lockdown, but we have started receiving the first signals of a quick recovery. India imported 5.14 million b/d of crude oil in July, up 82% month-on-month and 23% up year-on-year. This has been the highest recorded so far in Commodities at Sea, suggesting that the country quickly filled the gap developed in June. The average of June and July stands marginally below four million b/d, very close to levels of normal activity.

High volatility is expected to become the new normal in India's oil demand, as COVID-19 seems to be highly affecting the population's habits. Much more people recently started preferring to commute with their own vehicles, which could be a considered parameter having an impact on crude oil imports and demand for fuels. If this trend lasts, crude oil imports could be further strengthened while the domestic market could potentially absorb more refined products, keeping clean exports at low levels.

Indian Oil Minister Dharmendra Pradhan expects that fuel demand in India will rebound to pre-crisis levels by the end of September.

June's crude oil imports were pushed much lower as several oil refiners decided to proceed with maintenance. Volumes increased rather quickly in July, but the risk of more parts of the country being under local lockdowns and the monsoon rain season could shape both demand and shipments very differently in August.

India's crude oil imports by origin

Imports of crude oil from both Saudi Arabia and Iraq increased impressively, with flows from each country surpassing 1.2 million b/d in July. This has been a massive growth of 154% for Saudi Arabia and 24% for Iraq month-on-month.

Meanwhile, oil product exports fell further in July, down about 4.6% month-on-month and 21% since last year. This has been primarily driven by the decline observed in diesel exports. Some refineries have been under maintenance since late third quarter of 2020.

India's refined product exports

For more information on the data used in this post visit IHS Markit Commodities at Sea

Posted 05 August 2020 by Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime, Trade & Supply Chain, S&P Global Market Intelligence

Previous Next
Recommended for you

Maritime & Trade: Maritime Solutions
Global Trade Solutions
How can our products help you?

We can optimize your trade data to help your business grow

Learn more

Hire industry-leading consultants by the hour

Get the objective, authoritative analysis you need without delays.
FIND AN EXPERT
Related Posts
VIEW ALL
Blog May 20, 2022

Fuelling Global Trade – Observe Traffic and Trade Dynamic From Fuel Oil Export Data

Blog Apr 07, 2021

OPEC+ tapering of cuts could benefit oil tanker demand from May

Blog Jan 21, 2021

Out of Africa into the world: Palm oil trade under global value chain and sustainable initiatives

VIEW ALL

Follow Us

May 30
IHSMarkitMandT@IHSMarkitMandT

Join @IIBLP Americas Annual LC Survey, Tampa on June 8-9, 2023 sponsored by @SPGMarketIntel for discussions coverin… https://t.co/lfhBjrolGs

May 30
May 30
IHSMarkitMandT@IHSMarkitMandT

Join the Starboard Maritime Intelligence webinar on 7 June where our experts will share examples of how analysts ca… https://t.co/xv0eGzmkJA

May 30
May 19
IHSMarkitMandT@IHSMarkitMandT

Read our latest white paper to learn about maritime companies established in 2022 which now own and transport Russi… https://t.co/qH0oORauUD

May 19
May 18
IHSMarkitMandT@IHSMarkitMandT

Listen to our latest podcast to learn about the size of the shadow fleet transporting Russian oil, hot spots for… https://t.co/Pl0xpd1Dsu

May 18
{"items" : [ {"name":"share","enabled":true,"desc":"<strong>Share</strong>","mobdesc":"Share","options":[ {"name":"facebook","url":"https://www.facebook.com/sharer.php?u=http%3a%2f%2fwww.spglobal.com%2fcommodityinsights%2fen%2fci%2fresearch-analysis%2fmassive-jump-in-indian-crude-oil-imports-after-junes-low-levels.html","enabled":true},{"name":"twitter","url":"https://twitter.com/intent/tweet?url=http%3a%2f%2fwww.spglobal.com%2fcommodityinsights%2fen%2fci%2fresearch-analysis%2fmassive-jump-in-indian-crude-oil-imports-after-junes-low-levels.html&text=Massive+jump+in+Indian+crude+oil+imports+after+June%e2%80%99s+record+lowest+levels+%7c+S%26P+Global+","enabled":true},{"name":"linkedin","url":"https://www.linkedin.com/sharing/share-offsite/?url=http%3a%2f%2fwww.spglobal.com%2fcommodityinsights%2fen%2fci%2fresearch-analysis%2fmassive-jump-in-indian-crude-oil-imports-after-junes-low-levels.html","enabled":true},{"name":"email","url":"?subject=Massive jump in Indian crude oil imports after June’s record lowest levels | S&P Global &body=http%3a%2f%2fwww.spglobal.com%2fcommodityinsights%2fen%2fci%2fresearch-analysis%2fmassive-jump-in-indian-crude-oil-imports-after-junes-low-levels.html","enabled":true},{"name":"whatsapp","url":"https://api.whatsapp.com/send?text=Massive+jump+in+Indian+crude+oil+imports+after+June%e2%80%99s+record+lowest+levels+%7c+S%26P+Global+ http%3a%2f%2fwww.spglobal.com%2fcommodityinsights%2fen%2fci%2fresearch-analysis%2fmassive-jump-in-indian-crude-oil-imports-after-junes-low-levels.html","enabled":true}]}, {"name":"rtt","enabled":true,"mobdesc":"Top"} ]}
Filter Sort
  • About S&P Global Commodity Insights
  • Media Center
  • Advertisers
  • Locations
  • Get Support
  • Contact Us
  • Careers
  • Corporate Responsibility
  • History
  • Investor Relations
  • Leadership
  • Glossary
  • © 2023 by S&P Global Inc. All rights reserved.
  • Terms of Use
  • Do Not Sell My Personal Information
  • Privacy Policy & Cookie Notice
  • Site Map