India’s June crude oil imports up on demand recovery, Russian discounts

NEW DELHI: India’s crude oil imports in June rose nearly 21% from the same month last year, helped by a steady increase in consumption, while refiners continued to bring in discounted Russian fuel to manage elevated global energy prices, government data showed on Tuesday.
“It’s impossible to ignore the base effects of last year’s (coronavirus-related) restrictions and the impact that has on demand,” said OANDA analyst Craig Erlam, adding that the world economy had roared back to life since.
But he cautioned that though impressive, the annual data should be taken with a pinch of salt.
Fuel consumption in the world’s third-biggest oil consumer also increased in June, and seemed to be heading back towards pre-pandemic levels.