India's crude oil imports hit record high, up nearly 10% m/m in May
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India's crude oil imports reached a record 23.32 million metric tons in May, up 9.8% month-on-month, government data showed on Monday.The data highlights demand in India, the world's third-largest importer and consumer of oil, reflecting the broader economic and industrial activities driving it.India's fuel demand rose to 21.32 million metric tons in May, its highest in more than a year, Oil Ministry data showed this month.India will take measures to safeguard domestic fuel supplies, oil minister Hardeep Singh Puri said on Sunday, after U.S. attacks on Iran's nuclear sites over the weekend raised the risk of disruption to Middle Eastern oil and gas, leading to soaring energy prices.Oil prices jumped on Monday to their highest since January.The share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7% to 1.7 million barrels per day (bpd), tanker data from trade and industry sources showed.On a yearly basis, crude oil imports climbed 5.9% from 22.03 million metric tons in May 2024, according to data from the Petroleum Planning and Analysis Cell (PPAC).Imports of crude oil products fell by about 3.9% on a yearly basis to 4.20 million tons in May, while product exports rose more than 7% to 5.63 million tons.
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