India's June crude oil imports lowest in over 5 yrs; exports fall

Fuel demand in India, the world's third-biggest oil importer and consumer, fell 7.8% in June

India's crude oil imports fell in June to their lowest level since February 2015, while year-on-year refined product exports declined for the first time in almost a year, government data showed on Friday.

Crude oil imports last month dropped about 19% from a year earlier to 13.68 million tonnes, down for a third straight month, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.

"This is likely driven by not yet fully recovered oil demand and expectation that it might take longer to have Indian oil demand rising strongly again," said