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India crude oil imports declined in May by 122 tb/d or 3.4% over the previous month to 3.5 mb/d. However, they achieved a gain of 5.9% over the previous year. While product imports fell by 64 tb/d or 19% m-o-m, they increased by 22 tb/d or 8.7% on a y-o-y basis to average 272 tb/d. The monthly decline in product imports came on the back of reduced imports of diesel, LPG, naphtha and fuel oil. India’s products exports declined by 48 tb/d or 4.6% m-o-m while the decrease was 29.7% y-o-y. Generally, there was a decline of product exports for diesel, petrol and fuel oil, while they increased for naphtha and jet fuel. The above resulted in a decline in India’s net oil imports by 138 tb/d or 4.8% from the previous month. In comparison to a year ago, they increased by 30.2%.
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