*India’s crude imports went from a record quarterly high of 4.76mn b/d in Q1 this year to an eight year low of 3.35mn b/d in Q2 as Covid-19 struck. Q2 volumes from the Middle East, at 2.05mn b/d, were also the lowest since at least 2012.
*As yet there is little sign of recovery. Latest provisional data from the country’s Petroleum Planning and Analysis Cell shows imports of just 2.91mn b/d in July, only just above May’s 10-year low of 2.82mn b/d. June was almost 800,000 b/d higher at 3.59mn b/d, though this is still the third lowest figure since 2014 (see chart and table for full data). (CONTINUED - 549 WORDS)
