December crude oil imports at one-year peak amid strong demand prospects

India’s crude oil imports in December hit their highest level in a year as strong demand prospects in the world’s third-largest oil consumer and importer prompted refiners to stock up.

Crude oil imports last month rose 7.1% versus November to 19.65 million tonnes, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Monday.

However, imports were down 4.1% compared with a year earlier and were 5% higher from December 2019 before the onset of the pandemic.

“Indian oil demand continues to recover. Refinery margins remain relatively healthy, which is an incentive for refiners to continue to boost runs,” said Refinitiv analyst Ehsan Ul Haq.