India’s oil imports in May rose to 2-1/2 yr high: Sources

India’s oil imports in May totalled 4.98 million barrels per day (bpd), the highest since December 2020, as state refiners raised output to meet higher local demand while private refiners turned focus to gain from exports, according to the data from trade sources.

Imports in May were about 5.6% up from the previous month and about 19% from a year earlier, when imports declined as second deadly wave of COVID-19 dented fuel demand, the date obtained from sources showed.