NEW DELHI: India’s oil imports fell to their lowest in more than three years in September to 3.82 million barrels per day (bpd), data obtained from industry and shipping sources showed, as some refiners cut purchases due to shutdowns for maintenance and fuel upgrades.
Last month, Saudi Arabia replaced Iraq as top oil supplier to India after a gap of about 13 months, the data showed.
September oil imports, which dropped below 4 million bpd for the first time since June 2016, were about 18.7% lower than in August and down 8.4% from a year ago, the data showed.
The fall in oil imports limited India’s fiscal deficit for September, but it also potentially points to a general economic and industrial slowdown.
“Lower imports were largely due to refinery turnarounds as refiners have to supply Euro VI fuels in the country from an April 1 deadline. Heavy rains and slower industrial and construction work drain down the demand for refined fuels,” said Ehsan Ul Haq, an analyst with Refinitiv.
