Crude imports slip as demand stagnates, raising concerns for global markets

New Delhi: India’s crude oil imports are slipping this year amid stagnant demand at home and abroad, a sign that the world’s third-largest consumer and importer may no longer be the reliable demand growth driver global markets count on.

Oil imports fell 0.6% YoY during April-July and product imports 1.5%. The slide deepened in July with crude imports declining 4.3% and products’ falling 12.7%. Exports offered little cushion with product shipments down 0.2% in July and up 0.02% over four months.