 "Crude imports hit 21-month high in Jan on strong industrial activity")
India's crude oil imports jumped to a 21-month high in January as the world's third-biggest oil importer and consumer brought in more fuel to meet surging demand led by strong industrial activity.
Crude oil imports in January rose 9.5 per cent month-on-month to 21.39 million metric tons, and were up 5.7 per cent from a year ago, according to Petroleum Planning and Analysis Cell (PPAC) data on Thursday.
India's fuel consumption rose 8.2 per cent year-on-year last month, government data showed earlier this month.
"Oil demand growth and imports are likely to increase further over the coming years, supported by solid economic growth," said UBS analyst Giovanni Staunovo.
However, Staunovo noted that some seasonality in refinery runs due to maintenance and monsoon-driven demand will likely lower import levels in the next months.
Imports of crude oil products rose 5 per cent from a year earlier to 3.97 million tons in January, while product exports rose 7.5 per cent to 4.84 million tons, PPAC data showed.
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On a monthly basis, product imports rose 2.1 per cent in January, while exports fell 17.1 per cent.
India is expected to be the largest driver of global oil demand growth between 2023 and 2030, narrowly taking the lead from top importer China, the International Energy Agency said.
In January, top oil exporter Saudi Arabia lowered the February price of its flagship Arab Light crude to Asian customers to the lowest level in 27 months.