INDIA'S OIL IMPORTS DOWN BY 11.4%

PLATTS - India imported 17 million mt (4.2 million b/d) of crude oil in November, down 11.4% year on year, the latest provisional data from the country's Petroleum Planning and Analysis Cell showed.

Crude imports were also down 19.4% from October.

Analysts said the biggest decline in nearly four years was mainly due to lower overseas purchases by refiners after US sanctions on Iran, and also due to maintenance shutdowns by some refiners.

In November, overall domestic oil products demand shrank year on year due to a decline in diesel demand amid high interest rates and a 3.4% year-on-year drop in passenger vehicle sales in October.

India's oil products demand in November fell 1.8% year on year to 17.3 million mt, or 4.5 million b/d, PPAC said.

In the first 11 months of the year, crude imports rose 5.4% year on year to 207.8 million mt, while oil product imports rose 4.4% to 31.8 million mt. Over the same period, oil product demand rose 5% year on year to 192 million mt, PPAC said.

India's infrastructure development drive has supported domestic demand for crude and oil products.

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Earlier:

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2018, October, 8, 10:35:00 INDIA WILL BUY IRANIAN OIL REUTERS - India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world’s third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4.