India's crude oil imports rise to highest level in at least 7 years – Reuters

Dhwani Mehta FXStreet

The latest data from the Petroleum Planning and Analysis Cell (PPAC) of the Indian oil ministry showed late-Tuesday, India’s crude oil imports in October hit more-than seven-year highs, Reuters reports.

Key Points:

The imports rose 10.5% from a year earlier to 21.02 million tonnes, the highest monthly import figure reported since April 2011.

Imports rose as many refiners resumed purchases after maintenance of units.

In October, India’s oil imports from Africa surged to more than a three-year high.

In India, the world’s third-largest consumer, oil imports typically rise from October due to higher fuel demand in the festival season and as industrial activity picks up after months of monsoon rains.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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