India’s crude oil imports fell for a fourth month in September, to their lowest in a year, Petroleum Planning and Analysis Cell (PPAC) data showed on Tuesday.

Crude imports in September fell 6.9% month-on-month to 17.43 million metric tons, their lowest since the same period in 2022.
Lower month-on-month imports are likely driven by seasonality in Indian oil demand, with higher demand in 1Q and 4Q, and lower demand in 2Q and 3Q, said UBS analyst Giovanni Staunovo.

Compared to the same month last year, imports were still up by almost 4%, Staunovo added.

Fuel consumption in India, the world’s third-biggest oil importer, dropped 2% from the previous month in September, data showed.

Data from the PPAC website also showed product imports rising 27.2% to 4.02 million tons from September last year and product exports 3.6% lower over the same period to 4.81 million tons.

On a monthly basis, product imports were 1% lower, while exports declined over 17% in September.

India’s monthly oil imports from Russia in September rose by 11.8% to about 1.54 million barrels per day (bpd) while that from Saudi Arabia declined by about 22% to 527,000 bpd, according to shipping data obtained from sources.

Russia sent record volumes of sea-borne fuel oil and vacuum gasoil (VGO) to India in September, replacing some crude oil volumes, traders said and LSEG data showed.

Source: Reuters reported by Anjana Anil in Bengaluru and edited by Christina Fincher