Mumbai: India’s crude oil imports rose in December. Data released by Petroleum Planning and Analysis Cell (PPAC) revealed this.
As per data, crude oil imports in December rose 1.1% year-on-year to 19.83 million metric tons. It was up 7.4% on a monthly basis. Fuel consumption in Indiarose to a seven-month high in December.
Crude futures lost over 10% in 2023 due to geopolitical turmoil and concerns about the oil output levels of major producers.
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India’s imports of Nigerian crude jumped from November to December. Data from the PPAC website also showed product imports decreased 4% to 3.89 million tons from December last year, while product exports were 2.5% higher over the same period to 5.84 million tons.
Export of diesel, mainly used by trucks and commercially run passenger vehicles, jumped 18% to 2.84 million tons compared with last year.
India is dependent on imports to meet over 85%t of its crude oil requirements and around 50% of its natural gas requirements.
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