India’s oil imports in May sink to lowest in over eight years: ReportbusinessUpdated: Jun 24, 2020 10:44 ISTIndia’s oil imports in May hit the lowest since Oct 2011 as refiners with brimming storage cut purchases after a continuous decline in fuel demand, preliminary data obtained from industry sources showed. India’s oil imports from Iraq fell by 43% to about 554,000 bpd, the lowest since Oct 2016, the data compiled by Reuters showed. India’s oil imports from key suppliers https://fingfx.thomsonreuters.com/gfx/mkt/azgvormgzpd/India%20oil%20imports%20from%20key%20suppliers.jpgThe intake of Venezuelan oil in May fell to the lowest since June 2011. Oil from the Organization of the Petroleum Exporting Countries (OPEC) as a share of India’s imports fell to an all-time low of 71.3%, while the share of U.S. oil hit a record high of nearly 8% in May. OPEC’s share of India’s crude oil imports drops to record low https://fingfx.thomsonreuters.com/gfx/mkt/yxmpjlomgpr/grapicOPECMay2020.JPGIndia’s oil imports in June are set to recover as refiners have raised crude processing and demand is recovering with the gradual resumption of transport and industrial activity.

Source: Hindustan Times June 24, 2020 05:14 UTC